Suntech Power (STP) reported $.01 earnings per share this morning, a $1.8 million profit for Q109, down from $45 million for the year ago quarter.
Total net revenue $315 million, down from $434 million. Analysts polled by FactSet expected a $.06 per share loss on sales of $355.4 million.
While a 95% drop in profit seem drastic, at least they were able to turn in a profit. Other companies have struggled to do the same.
There’s reason to be positive about the company. It improved its gross margin to 17% for Q109 compared to .6% Q408.
Suntech is taking market share away from higher priced competitors, according to reports we’ve seen. Suntech applied for 179 MW of rooftop solar projects, as part of China’s rooftop solar subsidy. The company also has 100 MW commissioned of its high powered Pluto panels.
Suntech expects moderate revenue growth in the second quarter of 2009, with full year shipments to be in 600-700 MW range due to weak economic conditions.
It also filed a mixed shelf offering, which it will use to sell 20 million shares.
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