Earnings: Solarfun Doubles Street Estimate, Rockets Pre-Market (SOLF)
The Street was looking for $0.16, they came in with $0.32 per ADS. The stock is up 19% pre-market. The gamblers will be moving on, Mystery/History. From the press release:
2008 FIRST QUARTER RESULTS
Net revenue was RMB 1.20 billion (US$ 171.0 million), an increase of 529% from the fourth quarter of 2007.
PV module shipments showed good momentum, reaching 40.3MW, which represented 40% growth over 4Q2007 and 517% from the first quarter last year.
Average selling price (“ASP”) was strong at $4.07 and was significantly higher than the ASP of $3.85 in the fourth quarter of 2007. Spain and Germany saw particular pricing strength and the Company also benefited from the strong Euro during the period.