China-based megalithic solar PV manufacturer Trina Solar has posted another impressive quarter of growth and shipping, beating its own guidance for the quarter.
Published this week, Trina Solar revealed that it had shipped a total of 1,658.3 MW of solar PV modules, including 39.3 MW to the company’s own downstream projects. It is impressive growth in a year which is seeing solar PV manufacturers and suppliers encountering tough drops in shipments and revenue — an increase on total shipments of 1,423.3 MW in the first quarter of 2016, and 1,231.6 MW of total shipments in the same quarter a year earlier.
Net revenue for the quarter was $961.6 million, up on $816.9 million posted in the first quarter of 2016, and up on $722.9 million posted in the second quarter of 2015. Gross profit was $176.3 million, compared with $139.7 million in the first quarter of 2016 and $144.9 million in the second quarter of 2015, while gross margin was 18.3%, compared with 17.1% in the first quarter of 2016 and 20.0% in the second quarter of 2015.
“We had another solid quarter with major financial and operational metrics improving across the board,” said Mr. Jifan Gao, Chairman and CEO of Trina Solar. “Module shipments during the quarter increased on a sequential and year-over-year basis to 1.66 GW. Module shipments were driven mainly by continued demand from China ahead of the expected subsidy policy adjustment. Our new production facility in Thailand is ramping up its capacity on schedule and is helping to strengthen our competitiveness in the US.”
Looking forward, it will be an interesting time for Trina Solar, having just announced that the company will de-list from the New York Stock Exchange in a move estimated to be worth $1.1 billion. The move is expected to be completed during the first quarter of 2017, leaving the remainder of 2016 for the company to shine as a public entity. As such, Trina Solar has predicted it will ship between 1.55 GW and 1.65 GW of solar modules in the third quarter, with the expectation that growth in India will help the company continue its strong quarterly shipment figures. For the full year 2016, Trina Solar is expecting to ship between 6.30 GW and 6.55 GW of solar modules, including 220 MW to 250 MW to its own downstream projects. Trina Solar further expects to complete power project connections of between 400 MW and 500 MW, including 15% to 20% of DG projects in China, by the end of the year.
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