During the third quarter of 2015, Trina Solar cumulatively shipped record-high 1.7GW of solar PV modules. The financial performance was well, the Trina Solar expects to ship 5.5~5.6GW of PV modules in the full year 2015. Besides, its downstream project connection doubles from the prior quarter to 251.9MW, and the guidance shows a 700~750MW connection target for 2015.
Third Quarter 2015 Financial and Operating Highlights
- Total module shipments from the Company's manufacturing facilities were 1,703.2 MW, consisting of 1,353.2 MW of external shipments and 350.0 MW of shipments to the Company's own downstream PV power projects. Total module shipments increased 38.3% sequentially and 60.1% year-over-year.
- Total PV power projects connected to the grid were 251.9 MW in the third quarter.
- Net revenues were $792.6 million, an increase of 9.6% from the second quarter of 2015 and 28.5% from the third quarter of 2014.
- Gross margin was 17.4%, compared with 20.0% in the second quarter of 2015 and 16.7% in the third quarter of 2014.
- Operating income was $5.8 million, compared with operating income of $60.7 million from the second quarter of 2015 and $35.6 million from the third quarter of 2014.
- Non-GAAP operating income, which excluded the impact of the Solyndra settlement provision, was $50.8 million.
- Net loss attributable to Trina Solar's ordinary shareholders was $20.0 million, compared with net income attributable to its ordinary shareholders of $40.9 million in the second quarter of 2015, and net income attributable to its ordinary shareholders of $11.5 million in the third quarter of 2014.
- Loss per fully diluted American Depositary Share ("ADS": each ADS represents 50 of the Company's ordinary shares) was $0.24, compared with earnings per fully diluted ADS of $0.42 in the second quarter of 2015 and earnings per fully diluted ADS of $0.14 in the third quarter of 2014.
- Non-GAAP net income attributable to Trina Solar's ordinary shareholders, excluding the impact of the Solyndra settlement, was $18.3 million, or $0.21 per diluted ADS. See "About Non-GAAP Finance Measures" for details of the reconciliation of GAAP to Non-GAAP measure.
- The Company raised its guidance for 2015 total PV module shipments to 5.5 GW to 5.6 GW from its original guidance of 4.9 GW to 5.1 GW, of which 4.6 GW to 4.7 GW will be shipped to third party customers. The revised guidance represents an increase of 50.3% to 53.0% from 2014.
Mr. Jifan Gao, Chairman and CEO of Trina Solar, commented that the company has connected 610.4MW of solar projects until the end of 3Q. To achieve its 700~750MW target, it is necessary to add 90~140MW projects. Meanwhile, 38.9MW from the 251.9MW installations were distributed generation systems.
Compared with the third quarter of 2014, Trina Solar shipped higher ratio of PV modules to the US and to the ROA regions, while ratios of shipments to China, EU and Japan decreased.
In terms of R&D, Gao noted, “we achieved a number of breakthroughs, including developing the high-efficiency p-type multi-crystalline silicon solar cell of 21.3% efficiency. We also made key advances in silicon-based heterojunction (HJ) cells, where we achieved 22.0% efficiency in the laboratory. In addition, we introduced a 'Desert Double Glass' module for hot and dry climates that will be ready for production by the end of the year.”
Trina Solar has global expansion plans as well. It will increase rate of solar adoption globally in developed and emerging markets.
