Trina Solar earned $508.3 million in net revenues in the third quarter, marking a 37.1 percent increase from $370 million made in the previous quarter.
The Chinese photovoltaic manufacturer saw total shipments increase from 222.8 megawatts to 290.5 MW. This was higher than its previous guidance of 250 MW to 260 MW.
Trina Solar said the increase was propelled by improved brand recognition of its products in established and new PV markets, such as the United States and Australia.
Trina Solar projects 300 MW of module shipments in the last quarter of 2010 and an overall gross margin of 30 percent.
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Trina Solar (NYSE:
TSL
) lifted its forecasted total module shipments to 1 GW from its earlier guidance of 900 MW to 930 MW. This is equivalent to a 151 percent increase from the company’s total module shipments of 399 MW in 2009.
It also expects to raise its annual cell and module production capacity from 950 MW to 1.1 gigawatts by the end of the fourth quarter through improved efficiency in production and cell conversion rates.
The company plans to further raise its cell and module production capacity to 1.7 GW by 2011 to address growing demand.
“[W]e are increasingly becoming the supplier of choice in both established and emerging photovoltaic markets worldwide,” said Jifan Gao, chairman and chief executive.
«We continue to see strong demand momentum into the fourth quarter and the outlook for 2011 is increasingly positive,” Mr. Gao added.
