Trina Solar (TSL) Tops Q3 EPS by 16c

November 23, 2016 7:56 AM EST
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Trina Solar (NYSE: TSL) reported Q3 EPS of $0.29, $0.16 better than the analyst estimate of $0.13. Revenue for the quarter came in at $741.1 million versus the consensus estimate of $824.87 million.

Total module shipments were 1,361.2 MW, compared with 1,658.3 MW in the second quarter of 2016, and 1,703.2 MW in the third quarter of 2015.

Operations and Business Updates

Manufacturing Capacity

As of September 30, 2016, the Company had the following annualized in-­house manufacturing capacities:

  • Ingot production capacity of approximately 2.3 GW;
  • Wafer capacity of approximately 1.8 GW;
  • PV cell capacity of approximately 5.0 GW; and
  • PV module capacity of approximately 6.0 GW.

Project Development

In the third quarter of 2016, the Company connected a total of 26.0 MW of PV projects to the grid in China, including 1.4 MW of utility projects and 24.6 MW of DG projects.

As of September 30, 2016, the Company had a total of 1,302.8 MW downstream solar projects in grid-connected operation, including 1,267.6 MW in China, 4.2 MW in the U.S., and 31.0 MW in Europe. The 1,267.6 MW of projects in China consisted of 1,017.1 MW of utility projects and 250. 5 MW of DG projects.

Going Private Transaction and the Extraordinary General Meeting of Shareholders

On August 1, 2016, the Company entered into a definitive agreement and plan of merger, pursuant to which the Company will be acquired by an investor consortium in an all-cash transaction implying an equity value of the Company of approximately $1.1 billion (the "Merger"). The Company has called an extraordinary general meeting of shareholders, to be held at 10:00 a.m. Beijing Time on December 16, 2016, to consider and vote on the Merger.

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

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