Suntech, one of the world’s largest producers of solar panels, has announced preliminary financial results for the third quarter.

The company expects shipments for the third quarter of 2011 to increase by over 15% from the second quarter of 2011, in line with previous guidance. Revenues in the third quarter of 2011 are expected to exceed $800 million, while gross margin is expected to be approximately 13%.

“We’re pleased to achieve strong shipment and gross margin results in the third quarter in a highly competitive market,” said Dr Zhengrong Shi, Suntech’s Chairman and Chief Executive Officer.