Trina Solar, When Losses Are Still Bad (TSL)
Chinese PV solar maker Trina Solar Limited (NYSE: TSL) reported a net EPS loss this morning of -$0.03, compared with estimates of a loss of -$0.04. Revenue of $216.3 million beat estimates of $201.31 million, but were off 25.6% sequentially…
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For the first quarter, Trina expects to ship 50-55 MW of PV modules at a gross margin level of 15%-17%. That’s down sequentially from 57.59 MW in the fourth quarter of 2008, while gross margin expectations are up from 9.6% in the fourth quarter, though well below third quarter gross margins of 22.4%. The lower fourth quarter margin was off 7.9% due to a non-cash inventory provision. Trina shares are off about 2% at $5.83, although the volume so far is thin enough that you might wonder if anyone cares.
Paul Ausick
March 3, 2009
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