Solar stocks soar amid bright outlook

Published:  20 Feb at 3 PM

As reported by Renew Economy, shares in the two largest solar energy firms jumped drastically last week following suggestions that 2012 sales would be stronger than previously forecast. Suntech, the globe’s largets maker of silicon solar panels, went up by 14% on Friday to $3.85 on the Nasdaq.

Suntech said it had expected 2011 shipments to total 2.09GW, higher than the prior forecast of 2GW, while profits were expected to range between $610 million and $630 million during the fourth quarter. Bloomberg announced that the firm’s shares had already climbed 74% this year.

Suntech Chairman Zhengrong Shi declared in a company statement that the group’s sales and operations staff performed well during the fourth quarter. He added that the teams had surpassed shipment guidance and enhanced the company’s cash position via ongoing management of receivable and inventory accounts. Suntech is due to release its full-year figures on March 8.

Meanwhile, market shares of US solar manufacturer SunPower went up by 24% on Friday following reports of higher-than-predicted earnings. Bloomberg announced that SunPower rose by $1.83, reaching $9.31 on the Nasdaq, the strongest in nine months, gaining nearly 49% this year. The California-based firm said its fourth-quarter revenue was an adjusted 16C per share for sales of $563.4 million, with 2012 sales expected to go up from $2.6 billion to $3 billion.