Trina Solar (TSL)said second-quarter net income more than doubled to $17.1 million, or 68 cents a U.S. share, from $7.4 million, or 32 cents a share, as revenue grew to $204 million from $75.3 million. The quarter included losses of 24 cents a share from currency exchange and 8 cents a share from discontinuing the Lianyungang polysilicon project. For the year, it revised higher its revenue goal to a range of $850 million to $900 million, up from $770 million to $808 million, while it kept its operating margin goal unchanged at 15% to 17%. Analysts polled by FactSet Research had expected earnings of 78 cents a share.
Here's the press release:
Trina Solar Announces Second Quarter 2008 ResultsTrina Solar Limited (NYSE: TSL - News; "Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, founded in 1997, today announced its financial results for the second quarter 2008.
Second Quarter 2008 Financial Highlights
-- Solar module shipments were 47.57 MW, up 134.0% from 20.33 MW
in the second quarter of 2007 and 61.3% from 29.49 MW in the
first quarter of 2008
-- Total net revenues increased to $204.2 million, up 171.1%
year-over-year and 69.2% sequentially
-- Gross margin was 23.2%, compared to 18.9% in the second quarter
of 2007 and 25.8% in the first quarter of 2008
-- Operating margin was 14.3%, compared to 10.7% in the second
quarter of 2007 and 16.7% in the first quarter of 2008
-- Net income was $17.1 million, compared to $7.4 million in the
second quarter of 2007 and $12.9 million in the first quarter
-- Net income includes a foreign currency exchange loss of $6.1
million, and includes a one-time loss of $2.0 million associated
with the discontinuance of the Lianyungang polysilicon project
-- The effect of the second quarter foreign currency exchange losses
and the one-time loss due to the Lianyungang project discontinuance,
net of tax effect, were approximately $0.24 and $0.08, respectively,
per fully diluted ADS...
-- Earnings per fully-diluted ADS was $0.68...MORE