Trina joins solar rally following mixed Q4, strong guidance

Though it missed Q4 revenue estimates (while beating on EPS), Trina's (TSL +8.3%) module shipments for the quarter totaled 770.1MW (-1% Q/Q and +86% Y/Y), in-line with guidance of 760MW-790MW.

The company expects module shipments to fall to 670MW-700MW in seasonally weak Q1. But it also also sees full-year shipments of 3.6GW-3.8GW, up from a 2013 level of 2.58GW. 400MW-500MW of full-year shipments will be for Trina's own downstream solar projects.

Q4 gross margin was 15.1%, -10 bps Q/Q but +1320 bps Y/Y. A $9.3M disposal/impariment loss on U.S. downstream projects is blamed for the Q/Q drop. Opex fell 16% Q/Q and 14.5% Y/Y to $65M (12.4% of revenue), thanks partly to a smaller accounts receivable provision reversal.

Trina had $561.4M in cash/equivalents at the end of 2013, and $1.04B in debt.

Q4 results, PR

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