Feb. 17 (Bloomberg) -- Suntech Power Holdings Co., the world’s biggest maker of silicon-based solar panels, rose the most in a week after boosting its forecast for 2011 earnings on stronger-than-expected shipments.
Suntech rose 14 percent to $3.85 at 10:07 a.m. in New York, the biggest intraday gain since Feb. 9. Earlier it climbed 17 percent. The shares have climbed 74 percent this year.
The company, based in Jiangsu, China, said it expects shipments for last year to total 2.09 gigawatts, above the previous forecast of 2 gigawatts. Revenue will range from $610 million to $630 million for the fourth quarter, according to a statement today.
“Our sales and operations teams both performed well in the fourth quarter,” Suntech Chairman Zhengrong Shi said in the statement. “We exceeded shipment guidance and improved our cash position through ongoing management of accounts receivable and inventory.”
The company took a charge of $571 million in the third quarter to write down goodwill after a plunge in its market value triggered by declining prices and margins for solar products across the industry. Suntech will issue its full-year results on March 8 at 8 a.m. New York time.
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