(Reuters) - Chinese solar company Trina Solar Ltd TSL.N estimated it shipped lower-than-expected solar modules in the first quarter due to a fall in shipments to the EU ahead of an agreement on a new minimum import price.
The company’s shares fell nearly 4 percent in extended trading on Friday.
Trina Solar estimated solar module shipments to be 540 megawatt (MW)-570 MW in the quarter, down from its previous forecast of 670 MW-700 MW.
The company maintained its full-year 2014 module shipment forecast of 3.6 gigawatt (GW) to 3.8 GW.
In March, Trina Solar forecast an up to 47 percent jump in full-year panel shipments due to growing demand from both Japan and its home market.
“China had soft demand in the first quarter but China is still going to be a huge market. I don’t think the weak guidance changes anything at all,” Stephen Simko, an analyst with MorningStar Inc, told Reuters.
“Everything is still looking good for the company. Trina is still one of the better-positioned companies in the solar industry,” Simko added.
Trina Solar reported its second quarterly profit in a row in March after eight quarters of losses.
The company also raised its first-quarter gross margin estimate to between 18 percent and 20 percent, from its mid-teens forecast earlier.
Trina Solar’s shares closed down about 4 percent at $11.56 on the New York Stock Exchange.
Reporting By Shubhankar Chakravorty in Bangalore; Editing by Sriraj Kalluvila and Simon Jennings