NEW YORK (AP) ? Solar panel maker Suntech Power Holdings Co. Ltd. on Friday became the latest Chinese solar energy producer to lower its shipment forecast.
The solar energy sector is struggling with a collapse in prices, increasing competition and weak demand. Moreover, Chinese panel makers are also facing accusations that they are engaged in predatory pricing in the U.S. and Europe and that they have received unfair help from the Chinese government. Moves by the U.S. and Europe toward imposing possible anti-dumping tariffs on Chinese-made solar panels might further depress sales.
Suntech's second quarter was helped by better demand from Europe, China, Japan and Australia, CEO David King said Friday. Revenue fell 43 percent from a year ago to $471 million in the three months ended June 30, but that is in line with the $471.6 million prediction of analysts polled by FactSet.
But there's more pain ahead, as low prices, too much supply and overall weak demand continue to hurt the industry.
The company lowered its target for shipments for the year to 1.8 to 2 gigawatts. Its prior guidance called for 2.1 to 2.5 gigawatts.
Suntech's gloomier outlook echoes reports from other Chinese solar producers this week. Yingli Energy Holding Co. Ltd. and JA Solar Holdings Co. Ltd. lowered 2012 shipment forecasts Wednesday.
Suntech named King as CEO in mid-August amid financial struggles, accusations of unfair trade practices, and concerns that the company was the victim of fraud. He had been Suntech's CFO.
Shares dropped 2 cents, or 2.2 percent, to 88 cents in premarket trading Friday. The stock is down 59 percent in 2012 and off 83 percent over the past 12 months.
Source: http://news.yahoo.com/suntech-cuts-shipment-forecast-solar-struggles-132708044--finance.html
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