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Suntech Profits Back in Double Figures
Photovoltaic (PV) module manufacturer Suntech Power Holdings (NYSE:STP) booked net income of $10.0 million in the second quarter of 2009, up from $1.8 million in the prior quarter, the company announced August 20. Total net revenues for the period came to $321.0 million, an increase of 1.7% sequentially.
Suntech expects third quarter 2009 shipments to show 50% growth on a quarterly basis, while fourth quarter shipments will slide slightly quarter-on-quarter due to seasonality factors. The company revised its full-year 2009 shipment expectations to approximately 600MW. In its first quarter report, Suntech lowered 2009 shipment outlook to 600M-700MW, from over 800MW.
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