Global Leader in Solar Photovoltaic (Solar Thermal Magazine ) -CHANGZHOU, China, Aug, 2014 – Trina Solar Limited, a global leader in photovoltaic (“PV”) modules, solutions, and services, today announced its unaudited financial results for the second quarter of 2014.
Second Quarter 2014 Financial and Operating Highlights
- Solar module shipments were 943.3 MW during the second quarter of 2014, compared to 558.0 MW in the first quarter of 2014, an increase of 69.1%
- Net revenues were $519.4 million, an increase of 16.8% from the first quarter of 2014
- Cost of revenues was $439.2 million, an increase of 24.3% from the first quarter of 2014
- Gross profit was $80.2 million, a decrease of 12.3% from the first quarter of 2014
- Gross margin was 15.4%, compared to 20.6% in the first quarter of 2014
- Operating income was $15.7 million, a decrease of 59.0% from the first quarter of 2014
- Operating margin was 3.0%, compared to 8.6% in the first quarter of 2014
- Net income was $10.3 million, a decrease of 61.1% from the first quarter of 2014
- Earnings per fully diluted American Depositary Share (“ADS” and each ADS represents 50 of the Company’s ordinary shares) was $0.14, compared to $0.37 in the first quarter of 2014
Mr. Jifan Gao, Chairman and Chief Executive Officer of Trina Solar, commented,
It is my pleasure to report that we delivered a solid set of results in the second quarter of 2014. Our global sales network and strong brand allow us to capitalize on commercial opportunities across the multiple markets where we have a presence, which has helped us to achieve strong sequential shipment growth in our core module business. At the same time, our growth strategy of focusing on developing our downstream business is progressing well.
In our module business, demand from both the China and overseas markets has picked up dramatically. Notably, we continue to see robust demand for our products from our many valued long-term customers in the U.S., thanks to Trina Solar’s established market position and superior product offerings. Following a relatively weak first quarter in China, we saw strong growth in demand for Trina Solar’s products in the second quarter.
“We are excited about the potential we see in our downstream business and will continue to invest in building a mature pipeline of projects. We have seen a steady flow of new opportunities in the key markets we are targeting for investment. In the second quarter of 2014, we commenced construction on schedule of a 90 MW power plant in China’s Xinjiang province. Further, we have completed a number of Distributed Generation (“DG”) projects in China, with a number of new projects currently being developed. In August, we acquired a 49.9 MW project in the United Kingdom. We believe the United Kingdom is a good target country for investment due to its well-established market and mature investment environment. Looking ahead, we are optimistic that our growth will continue, particularly in our downstream business. We expect to see more DG projects come online in China throughout the remainder of 2014.
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