UPDATE: Suntech Reports 54% Rise In Q1 Profit, Lowers Revenue Forecast

Suntech Power Holdings Co Ltd STP reported a 54% surge in its first-quarter profit, but lowered its full-year revenue projections. STP reported its quarterly net income at $31.9 million, or $0.17 per American Depository Share (ADS), up from $20.7 million, or $0.11 per ADS, in the year-ago period. Its total net revenue rose 49% to $877 million. STP lowered its sales forecast to $3.3-$3.5 billion, from its earlier projections of $3.4-$3.6 billion. STP shares dropped 2.22% to $7.49 in pre-market trading. Read more from Benzinga's Company news.