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WUXI, China, May 18 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP - News), one of the world's leading manufacturers of photovoltaic (PV) cells, today announced first quarter 2006 total net revenues of $89.9 million and net income attributable to holders of ordinary shares of $19.3 million, or $0.12 per diluted American Depository Share (ADS).
"During the quarter we continued to improve our solar cell conversion efficiency rates while shifting more production to use thinner 210 micron wafers. This helped us to improve profitability even while silicon wafer prices continued to rise," said Dr. Zhengrong Shi, Suntech's chairman and CEO. "We intend to continue to achieve profitable growth by lowering cost per watt through our R&D efforts, increasing production capacity and expanding our markets as more and more governments worldwide launch initiatives promoting the use of solar energy."
First Quarter 2006 Results
Total net revenues for the first quarter of 2006 were $89.9 million, an increase of 1.0% sequentially and 133.5% year-over-year. The modest sequential growth rate reflected seasonality in production as there was approximately one fewer working week during the first quarter compared to other quarters due to the Chinese New Year holidays.
Breakdown of First Quarter 2006 Net Revenues
Q1 2006 % of Q1 Growth Growth
2006 Net vs. Q1 vs. Q4
Revenues 2005 2005
PV Cells $40.6 45.1 % +688 % +28 %
million
PV Modules $49.3 54.9 % +48 % (13%)
million
PV System $0.03 -- +128 % (95%)
Integration million
Total $89.9 100.0 % +134 % +1 %
million
During the first quarter of 2006, Suntech shipped total output of 26.8MW and increased its annualized capacity from 150MW to 180MW. Average sales prices of PV cells and PV modules were $3.05 and $3.65 per watt, respectively, compared to $3.12 and $3.49 per watt, respectively, in the fourth quarter of 2005, and $2.63 and $3.29 per watt, respectively, in the first quarter of 2005.
Gross profit for the first quarter of 2006 was $27.1 million, representing an increase of 14.7% over the fourth quarter of 2005 and 102.6% over the first quarter of 2005. Gross margin for the first quarter of 2006 was 30.1% compared to 26.5% in the fourth quarter of 2005 and 34.7% in the first quarter of 2005. Sequentially, gross margins increased due to a rise in the price of PV modules and improved conversion efficiencies. The year-over-year gross margin decrease was primarily due to increases in the cost of raw materials as well as share based compensation.
Operating expenses in the first quarter of 2006 were $7.0 million compared to $11.0 million in the fourth quarter of 2005 and $2.0 million in the first quarter of 2005. The sequential decrease in operating expenses were primarily due to a decline in share based compensation to $2.3 million in the first quarter of 2006 from $5.8 million in the fourth quarter of 2005, as well as fourth quarter operating expenses including certain internal expenses associated with Suntech's restructuring and December 2005 initial public offering. The year-over-year increase in operating expenses reflected growth in the business needed to support the Company's revenue growth as well as share based compensation expenses.
Income from operations for the first quarter of 2006 was $20.1 million, representing a sequential increase of 59.9% and a year-over-year increase of 76.9%. Operating margin was 22.3% compared to 14.1% in the fourth quarter of 2005 and 29.5% in the first quarter of 2005. |
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发表于 2006-5-18 21:25