UPDATE: Trina Solar Shares Rise After Q4 Results

Shares of

rose more than 2% in pre-market trading after the company reported results for the fourth quarter. Quarterly net profit attributable to Trina Solar slipped to $10.6 million, or $0.13 per American depositary share, compared to $15.5 million, or $0.21 per ADS, in the year-ago period. Excluding net foreign exchange loss, the company earned $0.21 per ADS. Its revenue climbed 34% y/y to $705 million. However, analysts were expecting earnings of $0.13 per share on revenue of $642.88 million. Total module shipments jumped to 1,098.8 megawatts, versus 770.1 MW in the year-ago quarter. Gross margin widened to 15.7% in the latest quarter, from 15.1% in the year-ago quarter. Operating expenses surged 35.7% year-over-year to $80.5 million, while operating income rose to $30.5 million from $19.8 million. As of December 31, 2014, Trina Solar had $539.8 million in cash and cash equivalents, and restricted cash. "We are pleased with our solid performance in the fourth quarter. We saw record shipment volumes, maintained our leading position as one of the largest solar companies in the world, and continued to increase our earnings quarter to quarter," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. For the first quarter, Trina Solar projects to ship 840 MW to 870 MW of PV modules. Trina Solar shares gained 2.44% to $11.35 in pre-market trading.