- Trina Solar (NYSE:TSL) turned down with the market, -0.9%, after a Q1 earnings report that topped expectations but featured slashed guidance for solar power project connections.
- The company now forecasts global project connections of 400-500 MW in 2016, down from initial guidance of 750-850 MW. That includes 15-20% of DG projects in China. It reiterated total photovoltaic module shipment guidance of 6.3-6.55 GW (220-260 MW will be shipped to downstream projects and not recognized as revenue).
- For Q2, it expects to ship 1.5-1.6 GW of PV modules (40-50 MW heading downstream).
- In the first quarter, revenues were down sequentially despite growing nearly 50% Y/Y. Similarly, total module shipments grew 38.7% Y/Y (to 1,423.3 MW) but dropped 19.9% from Q4.
- Net income nearly doubled from the prior year ($26.6M, up 91.3%).
- In Q1, it connected 101.7 MW of utility projects to the grid (24.3 MW in UK, 50 MW in Xinjiang, 27.4 MW in Yunan).
- Press Release