Trina Solar announces fiscal year 2012 results

Changzou, China - Trina Solar announced its financial results for the fourth quarter and fiscal year 2012.

The fourth Quarter 2012 Financial and Operating Highlights include solar module shipments at approximately 415 MW for the fourth quarter of 2012, compared to approximately 380 MW during the third quarter of 2012, a sequential increase of 9.0 percent. The net revenues were $302.7 million, an increase of 1.6% sequentially, while gross profit was $5.6 million, an increase of 139.1% sequentially. The Operating loss was $70.4 million, compared to an operating loss of $76.0 million in the third quarter of 2012 and so the net loss was $87.2 million, compared to a net loss of $57.5 million in the third quarter of 2012.

During the full year 2012 the solar module shipments were approximately 1.59 GW, compared to the Company's previous guidance of between 1.55 GW to 1.6 GW, an increase of 5.4% from 2011. The total net revenues were $1.30 billion, a decrease of 36.7% from 2011, while gross profit was $57.2 million, a decrease of 82.8% from 2011. Following this, the operating loss was $264.9 million, compared to operating income of $31.0 million in 2011 and a net loss for the full year of $266.6 million, compared to $37.8 in 2011.

"While realizing sequential improvements in shipments in the fourth quarter, our bottom line continued to be adversely impacted by a supply-demand imbalance and aggressive pricing by some competitors," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "Amidst these commercial conditions, our focus on profitable sales, inventory management, and on-going expense reductions allowed us to achieve positive operating cashflows. During the fourth quarter we also made progress in the global development of our in-house system business, and expect to commence grid-scale opportunities in China and the Americas later this year."

Source: IWR Online, 27 Feb 2013