Suntech earnings rise sharply : US Business

(Reuters)- Suntech Power Holdings Co Ltd on Wednesday reported sharply higher quarterly earnings on burgeoning demand for solar energy.

Second-quarter net income was $65.2 million, or 38 cents per American Depository Share, compared with $41.3 million, or 25 cents per share, a year ago.

Wall Street analysts, on average, had been expecting earnings of 32 cents per share, according to Reuters Estimates.

Revenue was $480.2 million. Suntech in May forecast second-quarter revenue of $430 million to $440 million, and analysts has been expecting about $443.53 million in revenue, on average.

(Reporting by Ajay Kamalakaran in Bangalore)

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