March 4, 2014 / 1:56 PM / 4 years ago

UPDATE 1-Trina Solar sees higher shipments on China, Japan demand

* Expects 2014 panel shipments of 3.6-3.8 GW vs 2.58 GW in 2013

* 4th-qtr shipments up 85 pct at 770.1 MW

* Revenue up 74 pct at $525.6 mln

* Shares up 2 pct

March 4 (Reuters) - Chinese solar company Trina Solar Ltd forecast an up to 47 percent jump in full-year panel shipments due to growing demand from both Japan and its home market, sending its shares up about 2 percent before the bell.

The company, which reported its second quarterly profit in a row after eight quarters of losses, said it expects to ship 3.6-3.8 gigawatts (GW) of solar panels in 2014 from 2.58 GW a year earlier.

“In 2014, we are optimistic that solar PV demand will continue to be strong and expect China, Japan, as well as the broader Asia Pacific region and the Middle East to be key drivers of this increased demand,” Chief Executive Jifan Gao said in a statement.

The solar industry is coming out of a slump, helped by subsidies for solar power in Japan and China’s ambitious target to install 14.5 GW of solar generating capacity this year.

The Asian countries’ push has helped solar companies offset the European Union’s volume limit on imports of Chinese solar panels until the end of 2015.

Rivals Yingli Green Energy Holding Co Ltd and JinkoSolar Holding Co Ltd have also said they expect a rise in solar panel shipments.

Yingli estimated an 11-12 percent rise in panel shipments in the fourth quarter from the third, while JinkoSolar expects a rise in shipments in 2014.

Trina, like its rivals, is also ramping up its more lucrative business of building solar power plants.

The company said on Tuesday that 400-500 megawatts (MW) of its targeted shipments would be used in the construction of its solar projects.

Trina said it expects to ship between 670-700 MW of solar panels in the first quarter.

Net revenue rose nearly 74 percent to $525.6 million in the fourth quarter ended Dec.31.

The company reported net income of $9.8 million, or 13 cents per American Depositary Share (ADS), compared with net loss of $87.2 million, or $1.23 per ADS, a year earlier.

Solar panel shipments rose 85 percent to 770.1 MW.

The company’s shares were trading at $15.04 before the bell after closing at $14.75 on the New York Stock Exchange on Monday.

Yingli shares were also up 2 percent in premarket.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below