Trina Solar (TSL) Tops Q1 EPS by 7c; Guides Q2, FY15 Shipments

Trina Solar (NYSE: TSL) reported Q1 EPS of $0.16, $0.07 better than the analyst estimate of $0.09. Revenue for the quarter came in at $558.1 million versus the consensus estimate of $509.35 million.

Total module shipments were 1,026.2 MW, consisting of 891.7 MW of external shipments and 134.5 MW shipments to the Company's own downstream solar power projects. This compares with total shipments of 1,098.8 MW in the fourth quarter of 2014 and 558.0 MW in the first quarter of 2014, and the company's guidance of 840 MW to 870 MW.

Second Quarter of 2015 Guidance

The Company expects to ship between 1,100 MW to 1,140 MW of PV modules, of which 150 MW to 170 MW of PV modules will be shipped to the Company's downstream PV projects, revenues of which will not be recognized. The Company expects to connect 65 MW to 70 MW of PV projects to the grid in the second quarter of 2015.

Fiscal Year 2015 Guidance

2015 Manufacturing Capacity

The Company expects to achieve annualized capacity at the end of 2015:

• Ingot production capacity of approximately 2.2 GW
• Wafer capacity of approximately 1.7 GW
• PV cell capacity of approximately 3.5 GW
• Module capacity of approximately 4.8 GW

The Company expects total PV module shipments to be between 4.4 GW and 4.6 GW, of which 700 MW to 800 MW of PV modules will be shipped to the Company's downstream projects. The total shipment volume represents an increase of 20% to 26% from 2014.

The Company expects to connect to the grid 700 MW and 750 MW of downstream PV power projects across the world, including 30% to 40% of DG projects in China.

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

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