Trina Solar Ships 320 MW of Modules in Q1
Solar PV product manufacturer Trina Solar Limited (NYSE: TSL) reported net income of $47.7 million in Q1 2011, including a net foreign currency exchange loss of $24.1 million and compared with net income of $145.3 million in Q4 2010 and $44.5 million in Q1 2010, the company announced on May 17. The company earned $0.63 per ADS in Q1.
The company’s net revenues decreased 14.2% q-o-q and increased 63.5% y-o-y to $550.9 million.
Trina shipped approximately 320 MW of solar PV modules in the quarter, down 8.7% sequentially and an up 66.4% y-o-y, but below the company's previous guidance of slightly higher than 351 MW.
Gross margin was 27.5%, compared to company guidance of mid to high 20s in percentage terms. By comparison, the company’s gross margin was 31.4% in the fourth quarter of 2010 and 30.9% in the first quarter of 2010.
For the second quarter of 2011, Trina expects to ship between 430 MW and 450 MW of PV modules and expects gross margin to be in the mid 20s in percentage terms. For the full year of 2011, the company expects to ship between 1.75 MW to 1.80 GW of modules, representing an increase of 65.6% to 70.3% y-o-y.
Trina Solar also announced today that its Germany-based subsidiary has agreed to a deliver 130 MW of solar modules to Germany-based Mohring Energie in Q2 and Q3 of 2011.