Feb. 20, 2012 (China Knowledge) - Suntech Power Holdings Co Ltd<STP>, the world's largest crystalline silicon photovoltaic module manufacturer, has projected that its shipments might have sequentially decreased by 10% in the fourth quarter of 2011 from a previous forecast of 20%.
Revenues for the fourth quarter are expected to be in the range of US$610 million to US$630 million, said the U.S.-listed firm, adding that gross margin would be in the middle of the previous forecasted range of 9% to 11%. Net debt declined by about US$200 million in the quarter ended Dec. 31, 2011.
For 2011, the Chinese module supplier expects its shipments might have reached around 2.09 gigawatts, more than previous forecast of 2 GW. Revenue for last year is expected to be in the range of US$3.13 billion to US$3.15 billion.
Rumors said Suntech Power was facing bankruptcy last year. But Chairman and CEO Shi Zhengrong highlight that the company has improved cash position via ongoing management of accounts receivable and inventory.
Suntech Power had more than US$700 million at the end of 2011, whereas it had US$567.7 million as of Sep. 30, 2011. The company will release fiscal result for 2011 on Mar. 8.