Trina Solar beats shipment guidance: posts US$336.8 million revenue in ‘Q1

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Executives at Trina Solar noted that there was no evidence of a slowdown in demand expected in 2010, despite potential issues looming with the feed-in tariff cuts in Germany. The company noted in a conference call with financial analysts that demand for its modules were in the range of 400 to 450MW in the second-half of the year. Trina Solar recorded module shipments of 193MW, compared to its previous guidance of 180MW to 190MW, representing an increase of 17.9% sequentially and 295.5% year-over-year. First quarter revenue was US$336.8 million, an increase of 7.5% sequentially and an increase of 155.0% year-over-year.

Gross profit in the first quarter was US$104.2 million, compared to US$102.2 million in the fourth quarter of 2009. Gross margin was 30.9% compared to previous guidance of 26% to 28%, which was primarily due to lower average silicon purchase prices, according to the company.

“We are very pleased to deliver another quarter of record shipments and strong operating margins for the first three months of 2010, thanks to effective management and relentless execution,” said Mr. Jifan Gao, Chairman and CEO of Trina Solar. “In line with our clear strategic objectives, we continued to increase shipments and strategic customer contracts to a growing portfolio of diversified PV end-markets, including the United States and Australia, while further consolidating our position in Europe with the inauguration of our European headquarters in Zurich.”

To meet demand the company has increased its annualized in-house production capacities of ingot and wafer as well as PV cells and modules to approximately 600MW and 750MW respectively as of March 2010, while reiterating plans to expand its annualized cell and module production capacity to reach up to 950MW by the third quarter of 2010. Trina Solar’s production site in Changzhou is now one of the largest fully integrated PV manufacturing operations in the world.

The company also noted that to meet a portion of its wafer requirements in 2010 it would source and obtain tolling services from other firms.

In-house blended (Mono & Multi) non-silicon cost per watt went down to US$0.76 in the first quarter, down from US$0.78 in the previous quarter.

For the second quarter of 2010, Trina Solar expects to ship between 200MW to 205MW of PV modules. Total PV module shipments in 2010 were guided as between 750MW to 800MW.

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