Trina Solar (TSL) Q2 Loss Widens Amid Lowered Expectations; Cuts FY12 Shipment Outlook
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Trina Solar Ltd. (NYSE: TSL) should be lower Tuesday following tepid second-quarter 2012 results from the PV module manufacturer.
According to data, sales slipped 40 percent to $346.05 million, from $579.46 million in the same period last year.
Trina slipped from 11.8 million of profit to a loss of $92.1 million, or $1.30 per share.
The Street was looking for sales of $429.1 million and a loss of 33 cents per share.
One positive bit is shipments came in at 419-MW, from interim guidance of 390- to 420-MW issued in July. The number was up 10.2 percent from the first quarter.
Looking ahead, Trina said it sees third-quarter 2012 shipments of 450- to 480-MW of PV modules. However, for the full year 2012, the Company revises its expectations for total PV module shipments to be between 1.75- to 1.80-GW (gigawatts), compared to its previous guidance of 2.0- to 2.1 GW.
Trina also stated:
To increase the responsiveness and effectiveness of its revenue-based operations, the Company has recently completed a reorganization of its global sales, marketing and project development management structure. As a result, the Company's operations are now divided into four regions, the Americas, Europe, China, and Asia Pacific, Middle East and Africa.
The four regional leaders will report directly to Mr. Jifan Gao, Chairman and CEO of Trina Solar. The restructuring enables communications and process times involved in key commercial decisions to be streamlined.
In conjunction with the restructuring, the Company announces the following management changes:
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According to data, sales slipped 40 percent to $346.05 million, from $579.46 million in the same period last year.
Trina slipped from 11.8 million of profit to a loss of $92.1 million, or $1.30 per share.
The Street was looking for sales of $429.1 million and a loss of 33 cents per share.
One positive bit is shipments came in at 419-MW, from interim guidance of 390- to 420-MW issued in July. The number was up 10.2 percent from the first quarter.
Looking ahead, Trina said it sees third-quarter 2012 shipments of 450- to 480-MW of PV modules. However, for the full year 2012, the Company revises its expectations for total PV module shipments to be between 1.75- to 1.80-GW (gigawatts), compared to its previous guidance of 2.0- to 2.1 GW.
Trina also stated:
To increase the responsiveness and effectiveness of its revenue-based operations, the Company has recently completed a reorganization of its global sales, marketing and project development management structure. As a result, the Company's operations are now divided into four regions, the Americas, Europe, China, and Asia Pacific, Middle East and Africa.
The four regional leaders will report directly to Mr. Jifan Gao, Chairman and CEO of Trina Solar. The restructuring enables communications and process times involved in key commercial decisions to be streamlined.
In conjunction with the restructuring, the Company announces the following management changes:
- Mr. Mark Mendenhall has joined Trina Solar as Regional President, Americas. Mr. Mendenhall brings first hand solar industry experience and over 15 years of general management experience, including tenure as President and General Manager for SunEdison's North America Division, where he was responsible for its solar power plant business development in the North America region.Mr. Mendenhall also worked for over 30 years at Tyco International in its various subsidiaries, including Tyco Electronics, Tyco Circuit Protection and Raychem, where he successfully established operations and customer relationships across consumer electronics and energy markets in the Americas, China, Korea, Japan, and Eastern Europe.
- Mr. Qi Lin has joined Trina Solar as Regional President, China. Prior to joining the Company, Mr. Lin served as senior vice president for Siemens SLC as well as general manager of its renewable energy division for North East Asia, where he was responsible for developing renewable sector businesses for the region, while developing and implementing their crystalline PV and concentrated solar power market entry and development strategy for China.Prior to his work at Siemens, Mr. Lin was general manager for China and group vice president for LM Glasfiber, a leading manufacturer of wind turbine rotor blades.
- Additionally, Mr. Jim Wang has joined Trina Solar as Vice President, Special Projects, and will report directly to Mr. Jifan Gao. Mr. Wang brings to the Company over 20 years of management experience in the PV and semiconductor industries from positions which include vice president of sales and marketing at GCL-Poly Energy Holdings Ltd, chief operating officer at Comtec Solar Systems, as well as senior director of business development at JA Solar.
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