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Trina Solar Announces Fourth Quarter and Fiscal Year 2010 Results

CHANGZHOU, China Feb. 22, 2011

Fourth Quarter 2010 Financial and Operating Highlights

  • Solar module shipments were approximately 351 MW for the fourth quarter of 2010, compared to the Company’s previous guidance of approximately 300 MW, representing an increase of 20.7% sequentially and 114.3% year-over-year
  • $641.8 million
  • $201.8 million
  • Gross margin was 31.4%, above the Company’s previous guidance of approximately 30%, compared to 31.4% in the third quarter of 2010 and 32.6% in the fourth quarter of 2009
  • Gross margin relating to the Company’s in-house wafer production to module production was 36.5%, compared to its previous guidance of mid 30s in percentage terms
  • $145.1 million $113.0 million $64.4 million
  • Operating margin was 22.6%, compared to 22.2% in the third quarter of 2010 and 20.6% in the fourth quarter of 2009
  • $145.3 million $25.3 million $82.9 million $48.8 million
  • $1.87 $1.08 $0.74

Full Year 2010 Results Financial and Operating Highlights

  • Solar module shipments were approximately 1.06 GW, compared to the Company’s previous guidance of approximately 1 GW, an increase of 164.8% from 2009
  • $1.86 billion
  • $584.4 million
  • Gross margin was 31.5%, compared to 28.1% in 2009
  • $417.3 million $135.4 million
  • $311.5 million
  • $4.18 $1.69

Jifan Gao

"In a year of industry-wide ASP declines which made PV systems more affordable, our shipment volume and revenue more than doubled year over year and we continued to increase margins. This was achieved through our relentless drive for manufacturing and supply chain efficiency, increased local sales and expanded global support operations. Additionally, despite significant capacity expansion in 2010, we further strengthened our balance sheet over 2009 through our continued focus on maintaining positive operational cashflows."

North America India Australia China

"Our commitment to create high quality products remains critical to our success, and in the fourth quarter of 2010, we initiated construction of our Key State PV Research Laboratory, which is located next to our manufacturing facilities and a growing number of strategic supply partners operating within our state of the art Changzhou Trina PV Park.  We expect to complete the construction of the laboratory in late 2011."

"As we look to 2011 we will continue to focus on increasing the efficiencies of our new and existing products to reinforce our cost leadership, further build supportive customer relationships, and continue to implement environmental and health and safety best practice initiatives."

Recent Business Highlights

During the fourth quarter of 2010, the Company

  • Initiated the construction of its State Key PV Research Laboratory within its Changzhou Trina PV Park
  • Announced that its American Depositary Receipts began trading on the Singapore Exchange GlobalQuote Board under the symbol "K3KD"
  • Jiangsu Province China
  • $800 million
  • India India

Subsequent Events

Subsequent to the fourth quarter of 2010, the Company

  • Changzhou

Fourth Quarter 2010 Results

Net Revenues

$641.8 million North America China Germany Italy

Gross Profit and Margin

$201.8 million $159.4 million $102.2 million

Gross margin was 31.4% in the fourth quarter of 2010, compared to the Company’s previous guidance of approximately 30%, and was primarily due to higher than targeted ASP. The fourth quarter gross margin compares to 31.4% in the third quarter of 2010 and 32.6% in the fourth quarter of 2009.

Gross margin relating to the Company’s in-house wafer production to module production was 36.5% in the fourth quarter of 2010, compared to its previous guidance of mid 30s in percentage terms, and 37.6% in the third quarter of 2010.

Operating Expense, Income and Margin

$56.7 million $1.8 million $1.4 million $1.2 million

$145.1 million $113.0 million $64.4 million

Net Interest Expense

$6.6 million $7.5 million $7.3 million

Foreign Currency Exchange

$25.3 million $8.3 million $2.6 million

The Company continued foreign currency hedging during the fourth quarter of 2010 using foreign currency forward contracts between the Euro and the U.S. dollar, with the goal of mitigating the effects of exchange rate volatility.

Net Income and EPS

$145.3 million $82.9 million $48.8 million $25.3 million $8.3 million $2.6 million

Net margin was 22.6% in the fourth quarter of 2010, compared to 16.3% in the third quarter of 2010 and 15.6% in the fourth quarter of 2009.

$1.87 $0.32

Full Year 2010 Results

$1.86 billion $845.1 million $584.4 million $237.2 million

$417.3 million $135.4 million  

$311.5 million

$4.18 $1.69

Financial Condition

December 31, 2010 $790.8 million $951.3 million $458.6 million $300.0 million $34.5 million $158.7 million December 31, 2010

$1.17 billion December 31, 2010 $1.03 billion

First Quarter and Fiscal Year 2011 Guidance

For the first quarter of 2011, the Company expects its shipment volume for PV modules to be slightly higher than that for the fourth quarter of 2010.

January 1, 2011 February 22, 2011

Operations and Business Outlook

Non-Silicon Cost

$0.74 $0.01 $0.70

Silicon Procurement

Through its diversified range of short, medium, and long-term supply contracts, the Company will continue to maintain competitive silicon costs relative to the current market price.

2010 Capacity Expansion

Through yield increases achieved from improved cell conversion efficiency rates, improved production efficiencies and manufacturing line enhancements, the Company’s PV cell and module production reached approximately 1.2 GW of annualized capacity during the fourth quarter of 2010, compared to its previous guidance of 1.1 GW, based on actual manufacturing yield.

2011 Capacity Expansion

To meet expected demand for its PV solar modules, the Company expects to raise its annualized in-house ingot and wafer production capacity, as well as PV cell and module production capacity to reach approximately 1.2 GW and 1.9 GW, respectively, in the second half of 2011, based on actual manufacturing yield.

Cell Technology Update

December 2009

Singapore

Conference Call

8:00 a.m. ET February 22, 2011 December 31, 2010 Jifan Gao Terry Wang Gary Yu Ben Hill Thomas Young http://www.trinasolar.com

February 22 10:00 a.m. ET March 1 11:59 p.m. ET

http://www.trinasolar.com

About Trina Solar Limited

http://www.trinasolar.com

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company’s ability to raise additional capital to finance the Company’s activities; the effectiveness, profitability, and marketability of its products; the future trading of the securities of the Company; the ability of the Company to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company’s ability to protect its proprietary information; general economic and business conditions; the volatility of the Company’s operating results and financial condition; the Company’s ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

Trina Solar Limited

Unaudited Consolidated Statements of Operations

(US dollars in thousands, except ADS and share data)

Three Months
ended Dec 31,

Three Months
ended Sept 30,

Three Months
ended Dec 31,

Year ended
December 31,

2010

2010

2009*

2010

2009*

Net revenues

$641,788

$508,298

$313,271

$1,857,689

$845,136

Cost of revenues

440,013

348,870

211,073

1,273,328

607,982

Gross profit

201,775

159,428

102,198

584,361

237,154

Operating expenses

Selling expenses

21,530

21,689

12,722

75,677

30,940

General and administrative expenses

25,588

20,501

23,061

72,711

65,406

Research and development expenses

9,574

4,220

1,987

18,625

5,439

Total operating expenses

56,692

46,410

37,770

167,013

101,785

Operating income

145,083

113,018

64,428

417,348

135,369

Exchange gain or (loss)

(6,515)

40,709

(8,284)

(36,156)

9,958

Interest expenses

(7,559)

(8,373)

(7,542)

(33,952)

(27,095)

Interest income

938

905

253

2,590

1,667

Gain (loss) on change in fair value of derivative

31,832

(49,023)

5,719

9,476

(1,590)

Other income (expenses), net

955

(289)

1,883

216

2,613

Income before income taxes

164,734

96,947

56,457

359,522

120,922

Income tax expenses

(19,403)

(14,079)

(7,637)

(48,069)

(24,696)

Net income

$145,331

$82,868

$48,820

$311,453

$96,226

Earnings per ADS – post share split (1)

Basic

2.07

1.18

0.80

4.58

1.77

Diluted

1.87

1.08

0.74

4.18

1.69

Weighted average ADS outstanding – pre share split

Basic

35,087,053

35,027,673

30,364,438

34,027,015

27,241,858

Diluted

39,455,026

39,404,824

34,673,093

38,337,138

31,315,052

Weighted average ADS outstanding – post share split

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