Trina Solar Boosts Outlook, Plans ADS Offering
Trina Solar Ltd. (TSL) boosted its targets for second-quarter gross margin and photovoltaic, or PV, module shipments, but sees revenue just under analyst estimates, as the company noted improved regulatory support and improvement in the overall solar market.
Separately, Trina announced plans to sell 4 million American depositary shares, boosting the amount outstanding by at least 16%. Trina said it would likely use the funds to repurchase senior notes due 2013 and fund facilities expansion.
Trina's ADS were down 2.9% to $29 in after-hours trading.
The Chinese maker of solar-energy products expects revenue of about $148 million to $152 million, up 26% to 28% from last year. Analysts polled by Thomson Reuters expected $153 million.
