China-based solar company Trina Solars profit and revenues more than tripled last year, driven by large shipment volumes of its photovoltaic modules, a trend it expects to continue this year as it expands and improves its solar panels and production plants.
Trina Solar said it shipped 1.06 gigawatts of solar modules in 2010, nearly 164.8 percent of the 2009 volume. Its full-year net revenue of $1.86 billion was up from the previous year at 119.8 percent.
In the fourth quarter, the company shipped 351 megawatts, beating its own forecast of 300 megawatts. That translated to net revenue of $641.8 million, up 104.9 percent from the fourth quarter of 2009.
The company said net income in 2010 grew threefold from $845.1 million to $1.86 billion.
The Changzhou-based firm had earnings per American Depositary Share of $4.18, up from $1.69 in 2009. Sequential earnings per A.D.S. are up from $0.74 at $1.87 in the fourth quarter of the previous year.
Jifan Gao, chairman of Trina Solar, said increased solar module shipments allowed it to expand sales as average sale prices declined across the industry.
In addition, costumers that planned to install PV systems ahead of annual feed-in tariff adjustments in 2011 in countries like Germany and Italy have been linked to the large year-end demand in 2010.
Trina Solar expects shipments in the current quarter to be “slightly higher” than in the fourth quarter. For the full year, the company expects to ship 1.75 GW to 1.8 GW of modules, suggesting a growth rate of 65 percent to 70 percent compared with 2010.
To meet expected demand for its PV solar modules this year, Trina plans to boost its in-house ingot and wafer capacity by 60 percent to 1.2 GW in the second half. Cell and module production is also expected to grow 58 percent to 1.9 GW.
It will invest $800 million from 2011 to 2013 in Changzhou Trina PV Park to expand the company’s manufacturing capacity and research and development facilities.
By the end of 2011, the company plans to increase the conversion efficiency of its test production multicrystalline cells to 18.5 percent from 18 percent in 2010. Trina also seeks to raise the efficiency of its test production crystalline cells to 20 percent in 2012 and 21.5 percent in 2013 with the Solar Energy Research Institute of Singapore.
As the company expands its manufacturing capacities and improves cell efficiencies, Trina Solar expects to have in-house non-silicon cost of manufacturing fall from $0.74 to $0.70 in the latest quarter.