UPDATE: Trina Solar Posts Downbeat Q2 Sales, Shares Fall

Shares of Trina Solar

dipped more than 6% in pre-market trading after the company reported downbeat sales for the second quarter. The company posted quarterly net income of $10.3 million, versus a year-ago net loss of $33.7 million. Its earnings per ADS came in at $0.14, versus a loss per ADS of $0.47. Its revenue climbed around 18% to $519.4 million. However, analysts were expecting earnings of $0.13 per share on revenue of $557 million. Trina Solar had a foreign currency exchange gain of $3.3 million in the quarter. Its solar module shipments rose to 943.3 megawatts, versus 558 megawatts in the first quarter. Trina Solar's gross margin widened to 15.4% from 11.6%. As of June 30, 2014, Trina Solar had $562.7 million in cash and cash equivalents and restricted cash. Mr. Jifan Gao, Chairman and Chief Executive Officer of Trina Solar, said, "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 the third quarter, Trina Solar projects to ship between 1,060 MW and 1,120 MW of PV modules. Trina Solar shares slipped 6.66% to $12.48 in pre-market trading.