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Trina Solar (TSL) Tops Q3 EPS Views; Guides Q4, FY14 Shipments

November 24, 2014 6:13 AM EST

Trina Solar (NYSE: TSL) reported Q3 EPS of $0.34, $0.19 better than the analyst estimate of $0.15. Revenue for the quarter came in at $616.8 million versus the consensus estimate of $645.7 million.

Solar module shipments totaled 1,063.8 MW during the third quarter of 2014, compared to 943.3 MW in the second quarter of 2014, an increase of 12.8%

Fourth Quarter and Fiscal Year 2014 Guidance

In the fourth quarter of 2014 the Company expects to ship between 1, 045 MW and 1, 095 MW of PV modules, of which 40 MW to 60 MW will be shipped to its downstream PV projects. Revenues will not be recognized for modules shipped to the Company's own developed projects as the revenue recognition criteria set forth in U.S. GAAP will not be met. The Company expects its blended gross margin for the fourth quarter of 2014 to be between 14.5% to 15.5%.

The Company changes its 2014 guidance of total PV module shipments to between 3.61 GW and 3.66 GW, of which 340 MW to 360 MW of PV modules will be shipped to the Company's own downstream projects from the original guidance of total 3.6 GW to 3.8 GW including 400 MW to 500 MW of shipment to its own downstream projects. Revenues will not be recognized for the modules shipped to the Company's own projects as required by U.S. GAAP.

The company expects to complete between 330 MW and 360 MW of downstream solar projects by the end of 2014, as compared to the original guidance of 400 MW to 500 MW projects be completed by the end of 2014. This change is mainly due to the cancellation of a 130 MW solar farm project in Inner Mongolia after the Company conducted a thorough analysis on the project's return. The Chinese government's policy change will impact the development of the Company's pipeline to a certain extent. Trina Solar is flexible in developing projects and believes the change will ultimately benefit the sustainable and strong growth momentum in China.

For earnings history and earnings-related data on Trina Solar (TSL) click here.



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