UPDATE 1-Suntech Q1 sales to top Wall St view, shares jump

* Q1 revenues of $580 mln-$590 mln top Wall St view

* Sees forex charges of $24 mln-$25 mln

* Shares jump 12 pct in premarket trade

NEW YORK, May 10 (BestGrowthStock) – Suntech Power Holdings Co
(STP.N: ) said its first-quarter revenues would top Wall Street
expectations on surging demand for its photovoltaic systems,
and its shares jumped 12 percent in premarket trade.

The Wuxi, China-based company said its quarterly sales
would be between $580 million to $590 million, easily beating
the $542 million that analysts on average forecast, according
to Thomson Reuters I/B/E/S.

Its gross margin is expected to be in the range of 19
percent to 20 percent, compared with its previous forecast of
18 percent to 20 percent.

Like other makers of the systems that turn sunlight into
electricity, Suntech has seen sales jump, helped by renewed
demand in the key German market.

Still, Suntech said it would record a loss of $24 million
to $25 million in the quarter because of the weakness of the
euro versus the U.S. dollar.

Shares of Suntech rallied 12 percent to $11.75 in premarket

Investing Research

(Reporting by Matt Daily, editing by Dave Zimmerman)

UPDATE 1-Suntech Q1 sales to top Wall St view, shares jump