Trina Solar announced its unaudited financial results for the third quarter of 2015. Total module shipments from the company's manufacturing facilities were 1,703.2 MW.
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This is consisting of 1,353.2 MW of external shipments and 350 MW of shipments to the company's own downstream PV power projects. Total module shipments increased 38.3% sequentially and 60.1% year-over-year.
Total PV power projects connected to the grid were 251.9 MW in the third quarter.
Net revenues were $792.6 million, an increase of 9.6% from the second quarter of 2015 and 28.5% from the third quarter of 2014.
Gross margin was 17.4%, compared with 20.0% in the second quarter of 2015 and 16.7% in the third quarter of 2014.
Operating income was $5.8 million, compared with operating income of $60.7 million from the second quarter of 2015 and $35.6 million from the third quarter of 2014.
Non-GAAP operating income, which excluded the impact of the Solyndra settlement provision, was $50.8 million.
Net loss attributable to Trina Solar's ordinary shareholders was $20.0 million, compared with net income attributable to its ordinary shareholders of $40.9 million in the second quarter of 2015, and net income attributable to its ordinary shareholders of $11.5 million in the third quarter of 2014.
Loss per fully diluted American Depositary Share ("ADS": each ADS represents 50 of the company's ordinary shares) was $0.24, compared with earnings per fully diluted ADS of $0.42 in the second quarter of 2015 and earnings per fully diluted ADS of $0.14 in the third quarter of 2014.
Non-GAAP net income attributable to Trina Solar's ordinary shareholders, excluding the impact of the Solyndra settlement, was $18.3 million, or $0.21 per diluted ADS.
The company raised its guidance for 2015 total PV module shipments to 5.5 GW to 5.6 GW from its original guidance of 4.9 GW to 5.1 GW, of which 4.6 GW to 4.7 GW will be shipped to third party customers. The revised guidance represents an increase of 50.3% to 53.0% from 2014. ■