STP’s Q1 Net Income Grows By Tenfold

Register for the LA Trader's Expo for Free Here! Suntech Power Holdings Ltd STP announced today that its Q1 net income has surged nearly 10 times over the year-ago quarter. The Wuxi, China-based solar energy company reported a net income of $20.7 million, or $0.11 a share, up from $2.1 million, or $0.01 a share in the year ago period. STP’s revenue for the quarter climbed to $588 million, from $316 million. The company incurred a loss of $24.5 million in the latest quarter due to unfavorable foreign exchange valuation caused by the euro’s depreciation against the US dollar. Analysts were expecting STP to earn $0.15 a share on revenue of $562 million. Suntech Power raised its annual shipment target for 2010 to 1.3 gigawatts from 1.25 gigawatts. Shares of STP have risen 4.32% to $10.15 during pre-market trading. Read more from Benzinga's Company news.