Trina Solar Shares Continue Higher Following Strong Q2 Report

Trina Solar Limited (ADR) TSL delivered strong second quarter financial results.

The company earned net income of $40.3 million, slightly down from $40.9 million in the year-ago period. Its EPS on ADS remained flat at $0.42 and came in above the Street estimates of $0.31 a share. On a sequential basis, the company recorded profit growth.

Net revenues of Trina Solar advanced from $722.9 million to $961.6 million and exceeded the analysts' predictions of $866.56 million.

The company's chairman and CEO, Jifan Gao, commented, "Our downstream business performed well in China's rapidly growing market as we connected 292.8 MW of utility projects and 28.0 MW of DG projects during the quarter. We also made progress overseas with the sale of 11.2 MW of projects in the U.K. and Italy during the quarter."

Going forward, Trina Solar sees shipment of 1.55–1.65 GW of PV modules in the third quarter. For the fiscal year 2016, the company reiterated its forecast of 6.30 GW – 6.55 GW.

Shares of the company traded up by $0.17, or 1.61 percent, to $10.70 in the pre-market on Tuesday.