Trina Solar Announces Third Quarter 2010 Results
NEWSENFCN - Trina Solar Limited announced today its financial results for the third quarter ended September 30, 2010.
Third Quarter 2010 Financial and Operating Highlights
Solar module shipments were approximately 291 MW, exceeding the Company's previous guidance of 250 MW to 260 MW, representing an increase of 30.4% sequentially and 137.0% year-over-year.Net revenues were $508.3 million, an increase of 37.1% sequentially and 103.5% year-over-year.Overall gross margin was 31.4%, above the Company's previous guidance of approximately 30%, compared to 32.1% in the second quarter of 2010 and 28.5% in the third quarter of 2009 Gross margin was 37.6%, above the Company's previous guidance of mid 30s in percentage terms, relating to its in-house wafer production to module production. Operating income and operating margin were $113.0 million and 22.2%, respectively, compared to $83.3 million and 22.5%, respectively, in the second quarter of 2010.Net income was $82.9 million, which included a net foreign currency exchange loss of $8.3 million, compared to net income of $38.7 million in the second quarter of 2010.Earnings per fully diluted ADS were $1.08, which included the impact of a net foreign currency exchange loss of $0.11 per fully diluted ADS, compared to $0.52 in the second quarter of 2010.