More importantly, shipments are expected to grow to 950MW-1010MW in Q2 (150MW-170MW for downstream projects); that suggests Q2 revenue will handily top a $556.8M consensus. For now, full-year guidance of 3.6GW-3.8GW (400MW-500MW downstream) is being reiterated.
Q1 gross margin was 20.6%, up from 15.1% in Q4 and just 1.7% a year ago, and above a revised guidance range of 18%-20%. At the same time, GM is expected to fall to a mid-teens % in Q2, thanks in part to higher polysilicon prices.
Opex fell 10.2% Q/Q and rose 19.7% Y/Y to $53.3M. "High-ASP regions" such as Japan accounted for 30% of external shipments. As was the case for peers, Q1 Chinese sales were soft.
Trina ended Q1 with $577.7M in cash, and $982.5M in bank borrowings.
Q1 results, PR