Trina Solar 2Q profit rises with greater shipments

NEW YORK—Chinese solar power company Trina Solar Ltd. said Monday its profit more than doubled in the second quarter, as shipments of solar modules increased and profit margins improved.

The Changzhou, China, company said it earned $17.1 million, or 68 cents per share, compared with $7.4 million, or 32 cents per share in the same period a year ago. Revenue nearly tripled to $204.2 million from $75.3 million, and the company raised its expectations for the year.

The results also included a one-time charge of $6.1 million, or 24 cents per share, because of the yuan's greater strength against the U.S. dollar. Trina also took a one-time charge of $2 million, or 8 cents per share, as it ended a polysilicon project in Lianyungang.

On average, analysts expected a profit of 81 cents per share on $197.6 million in revenue, according to Thomson Reuters.

Trina Solar reported a profit margin of 14.3 percent for the quarter -- well above its margin of 10.7 percent a year ago, although it fell below the company's first-quarter results due to higher materials costs and the charge for the termination of the Lianyungang project.

It credited the improvement to greater vertical integration, as the company makes its own solar cells.

The company shipped solar modules with a total of 47.6 megawatts of power, more than twice its total from a year ago and well above its first-quarter results. A one-megawatt plant running continuously at full capacity can power 778 households each year, according to the U.S. Department of Energy.

Trina shares rose 61 cents, or 2 percent, to $31.60 in morning trading.