Trina Solar Shares Jump Following Q2 Results

Shares of Trina Solar Limited (ADR) TSL jumped around 10 percent in pre-market trading after the company reported stronger-than-expected results for the second quarter. Trina Solar posted quarterly net income of $43.1 million, or $0.42 per share, versus $10.3 million, or $0.14 per share, in the year-ago quarter. Its net revenue climbed 39.2 percent year-over-year to $722.9 million. However, analysts were expecting earnings of $0.25 per share on revenue of $651.71 million. The average estimate among 5 Estimize users was for earnings of $0.30 per share and revenue of $661.15 million. Its total module shipments surged to 1,231.6 MW in the recent quarter, versus 943.3 MW in the year-ago quarter. Gross margin expanded to 20.0 percent from 15.4 percent. Operating expenses surged 30.4 percent year-over-year to $84.2 million in the quarter. As of June 30, 2015, Trina Solar had $616.3 million in cash and cash equivalents and restricted cash. Mr. Jifan Gao, Chairman and CEO of Trina Solar said, "Demand in the global solar markets continues to trend upwards, led by China, the U.S. and India in the second quarter. Our asset-light capacity expansion, cooperation with diverse partners in China and overseas, and efficient supply chain management have enabled us to maintain flexibility on the manufacturing side and capture both upstream and downstream growth opportunities while maintaining a strong balance sheet. We believe these strategic measures, along with our industry-leading production scale and cost leadership, have positioned us well during a period of industry consolidation." For the third quarter, the Company projects to ship 1,450 MW to 1,500 MW of PV modules. Trina Solar now expects full-year total PV module shipments of 4.9 GW to 5.1 GW, versus original forecast of 4.4 GW to 4.6 GW. Trina Solar shares jumped 9.82 percent to $11.18 in pre-market trading.