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Trina Q3 Profits Top $40m
Jiangsu-based vertically integrated photovoltaic (PV) products manufacturer Trina Solar Ltd. (NYSE:TSL) reported net income of $40.1 million in the third quarter of 2009, against $18.9 million in the prior quarter and $32.1 million in the year-ago period. The figure included the impact of approximately $3.6 million in accounts receivable write-offs and a foreign currency exchange net gain of $7.9 million, the report said. Trina's earnings per fully diluted American depository share (ADS) were $1.29.
Trina made net revenue of $249.7 million in the third quarter, an increase of 66.5% sequentially and a decrease of 14.1% year-on-year, which the company attributed to lower average selling prices for modules. Total shipments came to 122.6MW, compared to 63.9MW in the second quarter of 2009 and 66.4MW in the third quarter of 2008, due to improving European demand, improved customer access to PV project financing and a larger number of government solar energy stimulus plans, the statement said.
Gross margin stood at 28.5% in the third quarter, compared with 27.4% in the previous quarter and 22.4% in the third quarter of 2008, mainly the result of lower average silicon purchase prices, the company said.
For the fourth quarter of 2009, Trina expects to ship 145-165MW of PV modules, and to record a gross margin of between 25% and 27%. For the full year 2009 the company raised its earlier guidance for total PV module shipments to 380-400MW, representing an increase of 89.1-99.0% year-on-year growth.
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