Suntech Reports Wider Than Expected Loss

Published on Wed, 05/23/2012 - 09:18
By FNNO Staff in General Interest, analysis, business, earnings, eps, finance, investing, market, news, revenue, stock, stp, suntech, trading, Earnings Reports
analysis, business, earnings, eps, finance, investing, market, news, revenue, stock, stp, suntech, trading

Suntech (NYSE:STP) losing ground in today's trading. The company reported its earnings today, with a Q1 loss of $0.74 per share, missing estimates of a loss of $0.50 a share.

Revenues in the quarter fell 53.3% year-over-year to $409.5 million, beating estimates of $406 million.

Dr. Zhengrong Shi, Suntech's chairman and CEO commented on the earnings, "Cost reduction continues to be the top priority for our business and we have outlined a clear roadmap for the remainder of the year. Suntech's differentiated technology development capability will play a vital role in driving ongoing cost reduction. Our innovation-based product development will reduce cost without compromising quality, and generate value for our customers."

Suntech not fairing well on its earnings report. The company now down over 1.5% to $1.95

By FNNO Staff
fnnonline@gmail.com

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