STP’s Q1 Net Income Grows By Tenfold

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Suntech Power Holdings Ltd (NYSE: 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.

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