Suntech Power (STP) Misses Q3 EPS Views; Guides Lower
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Suntech Power (NYSE: STP) reports Q3 earnings of $0.35 per share, ex-items, below the onsensus of $0.42. Revenues came in at $594.4 million, versus the consensus of $571.7 million.
Suntech Power sees Q4 revenues of $345-$360 million, versus the consensus of $614.78 million.
Suntech Power sees FY08 revenues of $1.85-$1.87 billion, versus prior guidance of $2.05-$2.15 billion and the consensus of $2.11 billion. Suntech cited the depreciation of the Euro versus the U.S. dollar combined with the impact of tighter credit markets.
Suntech has revised its full year 2008 PV product shipment target from 550MW to approximately 490MW.
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