Chinese solar manufacturer Trina Solar (NYSE: TSL) doubled its revenue in 2Q10 and beat analysts' expectations for profit.
Reproducing the success of China's Yingli Solar (NYSE: YGE) and Suntech Power (NYSE: STP), Trina Solar also rode the wave of strong demand in 2Q, driven primarily by European developers attempting to complete projects before cuts in federal subsidies.
Net revenues were $370.8 million, an increase of 10.1% sequentially and 147.2% year-over-year.
Net income was $38.7 million ($0.52 per American Depository Share), which includes a net foreign currency exchange loss of $29.2 million, compared to net income of $44.5 million ($0.66 per ADS) in 1Q10. Analysts had predicted earnings of $0.49 per ADS.
Solar module shipments were approximately 223 MW, compared to the Company's previous guidance of 200 megawatts (MW) to 205 MW, representing an increase of 15.7% sequentially and 248.7% year-over-year.
"We see increasing evidence that strong demand for our PV products will extend well into 2011, and we are currently looking into how best to manage capacity expansion to capture increasing global market opportunities," Jifan Gao, Chairman and CEO of Trina Solar said.
The Company said it expects to expand its annualized cell and module production capacity to reach up to 950 MW by the end of August 2010.
By the end of 2011, the Company expects to expand its annualized in-house production capacities of ingot and wafer as well as PV cell and module production capacity to approximately 1.0 gigawatt (GW) and 1.5 GW respectively.
