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March 8, 2011 4:50 PM EST
Suntech Power Holdings (NYSE: STP) posted mixed fourth-quarter results on Tuesday, but shares are higher in extended trade after the company guided for revenue in the current year ahead of the Street.
The solar power equipment company reported fourth-quarter earnings of 24 cents per share, 5 cents below the analyst estimate of 29 cents per share.
Revenue for the company rose 27.1 percent to $945.1 million in the three month period ended December 31, easily topping the market consensus of $843.26 million.
Suntech reported that PV shipments increased 19.8 percent from the previous quarter and 87.3 percent from the year-ago quarter.
"2010 was another landmark year for Suntech and the solar industry," said Dr. Zhengrong Shi, Chairman and CEO. "We surpassed our shipment and revenue targets by setting new solar industry records for both quarterly and annual solar panel shipments. We maintained a strong position in established markets, while continuing to diversify into regions that will drive the next stage of growth in the solar industry."
Looking forward, Suntech sees PV shipments flat in the fourth quarter and shipments of at least 2.2GW for the full year.
The company also sees full year revenue in the range of $3.4-$3.6 billion, ahead of the Street's view of $3.35 billion.
Shares of Suntech are up 3.89 percent to $9.35 in aftermarket movement on Tuesday.