Associated Press – SAN FRANCISCO — Chinese solar energy company Suntech Power Holdings Co. Ltd. on Thursday posted an 81 per cent drop in second-quarter earnings, driven by sales pricing pressure, and cut its full-year shipment outlook.
The maker of solar panels reported a profit of $10 million, or 6 cents per American depositary share, compared with $52.3 million, or 31 cents per ADS, a year earlier.
On average, analysts polled by Thomson Reuters estimated a profit of 2 per share.
Revenue dropped 33 per cent to $321 million, down from $480.2 million last year. Analysts forecast an average revenue of $343.1 million.
Suntech cut its full-year shipment outlook to about 600 megawatts, down from an earlier estimate between 600 and 700 megawatts provided in May. The company forecast 2009 capital spending between $100 million and $120 million.
Suntech shares fell 50 cents, or 3.1 per cent, to $15.90 in premarket trading.
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