Trina Solar reached PV module shipments in 2013 of approximately 2.58GW, over 1GW above shipment levels achieved in 2012. Due to expected strong demand in 2014, the company guided shipments to increase a further 1GW to between 3.6GW to 3.8GW.
Trina Solar reported full-year net revenue of US$1.77 billion, an increase of 36.9% from US$1.30 billion in 2012. Gross profit was US$218.2 million, an increase of 281.2% from US$57.2 million in the previous year.
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Overall gross margin was 12.3% in 2013, compared to 4.4% in 2012, however the company reported a full-year operating loss of US$43.8 million, down from a loss of US$264.9 million in 2012. Operating margin was negative 2.5% in 2013 compared to negative 20.4% in 2012.
Trina Solar reported a full-year net loss of US$77.9 million, compared to a net loss of US$266.6 million in 2012. Net margin was negative 4.4% in 2013, down from a negative 20.6% in 2012.
Fourth quarter results
Trina Solar reported solar module shipments in the fourth quarter of 2013 were 770.1MW, compared to 774.6MW in the third quarter of 2013 and inline with the mid-range of shipment guidance for the quarter. Reduced systems business in the quarter was said to have impacted module shipments in the quarter.
Net revenues were US$525.6 million, a decrease of 4.1% from the third quarter of 2013. The company reported a quarterly gross profit of US$79.1 million, a decrease of 5.2% from the third quarter of 2013. Operating income was US$14.1 million, an increase of 133.8% from the third quarter of 2013
Manufacturing update
With Trina Solar guiding over 1GW of increased shipments in 2014, manufacturing capacity is expected to keep pace. Ingot/wafer production stood at 1.4GW at the end of 2013, with plans to expand capacity slightly to approximately 1.7GW by the end of the year.
The company noted that in-house solar cell capacity stood at 2.5GW at the end of 2013, while PV module production stood at 2.8GW. However, the recent Hongyuan acquisition will result in solar cell capacity to around 3GW and module capacity to 3.8GW by the end of 2014.
Expansion and manufacturing line upgrades will result in capital expenditures reaching between US$230 million to US$250 million in 2014.
Guidance
Trina Solar guided first quarter 2014 PV module shipments of between 670MW to 700MW. The company expects to complete construction of its downstream PV projects of between 400MW and 500MW.
