Leading PV module manufacturer Trina Solar has reported record shipments in 2014, topping the high end of revised guidance to 3.66GW, a 41.9% increase over the previous year.
Trina Solar reported full-year total net revenues of US$2.29 billion, an increase of 28.8% from 2013. Gross profit was US$385.6 million, an increase of 76.7% from 2013, while gross margins were 16.9%, compared with 12.3% in 2013.
The company reported fourth quarter 2014 total module shipments of a record 1,098.8MW, consisting of 1,070.5MW of external shipments and 28.3MW of shipments to its own downstream power projects.
Net revenues in the fourth quarter were US$705 million, an increase of 14.3% from the third quarter of 2014.
“Overall, 2014 was a successful year for Trina Solar,” said Jifan Gao, chairman and CEO of Trina Solar. “Both our manufacturing and downstream businesses delivered strong results, and we emerged as the world's largest supplier of solar modules. We took advantage of the rapidly growing demand in China, the world's largest market for solar products, as well as the expansion of sales across various Asia-Pacific and Americas markets. We were also able to mitigate the industry trend of declining average sales prices (“ASPs”) without compromising product quality by re-engineering our manufacturing processes and supply chain to drive down costs and by growing our portfolio of downstream projects to increase profitability.”
Trina Solar expects to ship between 840MW to 870MW of PV modules in the first quarter of 2015, of which 60MW to 70MW of PV modules will be shipped to its downstream PV projects.
Guidance for the full-year 2015 included total PV module shipments of between 4.4GW and 4.6GW, of which 700MW to 800MW of PV modules will be shipped to its downstream projects. The total shipment volume represents an increase of 20% to 26% from 2014.
The company also expects to connect to the grid of 700MW and 750MW of downstream PV power projects across the world, including 30%-40% of DG projects in China.