UPDATE: "Cowen’s Stone Maintains OUTPERFORM on Trina Solar, Sees 40% Upside (TSL)"
In early pre-market the stock is only up 11 cents at $24.00.
UPDATE 1-Sun shines on Trina Solar Q3, outlook
* Sees Q4 shipment of 300 MW vs 291 MW in Q3The Dow Jones headline is:
* Raises FY shipment view to 1 GW from 900-930 MW
* Q3 profit $1.08/ADS ve est $0.87/ADS
* Q3 sales up 103 pct at $508.3 mln vs est $420.6 mln
Nov 30 (Reuters) - Trina Solar Ltd's (TSL.N: Quote) quarterly result beat estimates as shipments more than doubled and margins improved, and the Chinese photovoltaic products maker forecast shiny days for the rest of 2010.
For October-December, Trina expects to ship about 300 megawatts (MW) of modules, higher than the 290.5 MW it shipped in the third quarter.
It also raised its full-year view to 1 gigawatt from 900-930 MW [ID:nASA015VF], as demand for solar products is driven by developers rushing deals ahead of cuts to renewable energy subsidies in key European markets.
Third-quarter profit more than doubled to $82.9 million, or $1.08 per American Depository Share (ADS), from $39.8 million, or 64 cents per ADS, a year ago.
Revenue more than doubled to $508.3 million....MORE
Trina Solar 3Q Net More Than Doubles; Shipments View Raised
Trina Solar Ltd.'s (TSL) third-quarter profit more than doubled as revenue soared on surging shipments and higher margins.Here's the press release:
Results topped expectations, and the Chinese solar-products maker raised its shipments view for the year to 1 gigawatt from 900 megawatts to 930 megawatts....
Trina Solar Announces Third Quarter 2010 Results
We'll be back with analyst comments this afternoon.