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Trina Solar’s net income soars 224% in 2010

Trina Solar saw a 224% increase in its net income in 2010 to US$311.5m compared to 2009.

By Renewable Energy Focus staff

The increase came as net revenues jumped nearly 120% to US$1.86 billion over the previous year and operating income reached US$417.3m, up 208%.

Trina Solar attributes the strong results to record shipment levels in the fourth quarter and a focus on efficiency.

“Our growth in 2010 demonstrates successful execution of our strategy to expand sales across distribution segments and geographic end markets in North America and other exciting PV markets such as India, Australia and China. We believe this reflects growing customer appreciation of the high quality and performance of Trina Solar products, and our brand’s increasing global recognition, which we are enhancing through premier marketing initiatives such as our Formula 1 team sponsorship,” says Jitan Gao, Trina Solar Chairman and CEO.

“As we look to 2011 we will continue to focus on increasing the efficiency of our new and existing products to reinforce our cost leadership, further build supportive customer relationships, and continue to implement environmental and health and safety best practice initiatives.”

Outlook

For the first quarter of 2011, Trina Solar expects solar PV modules shipments to be “slightly higher” than Q4 2010, which saw shipments of 350.8 MW.

For the full year, Trina Solar expects a 65.6-70.3% increase in shipments to 1.75-1.8 GW.

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