Solarfun Power Earns 69 Cents Per Share (SOLF)

Solarfun Power Holdings Co., Ltd. SOLF on Tuesday morning released financial. Solarfun Power Holdings Co., Ltd reported 3rd quarter net income per basic ADS on a non-GAAP basis of 69 cents. The company's total net revenues were $326.7 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 49 cents per share, on revenue of $287.26 million. President Peter Xie said, "We are pleased with the results we achieved in the third quarter, particularly our record shipments and revenues as well as our increased gross margin, operating cost control and continued strong return on equity. In the first nine months of 2010, we have achieved non-GAAP earnings per basic ADS of US$1.70. We continue to see healthy market demand in the fourth quarter and beyond, and with increased scale and further vertical integration in 2011, we believe we will continue to be well-positioned for further profitable growth" Solarfun Power Holdings Co., Ltd. (SOLF) ended the previous trading session at $11.47 per share. Analysts covering the company's stock have a consensus price target of $15.18 per share. Read more from Benzinga's Company news.