During 2014, Trina Solar has cumulatively shipped 3.66GW of PV module, breaking its own shipment record as well as representing 41.9% increase compared to 2013’s 2.58GW. This record brought a 28.8% y-o-y increase of net revenues with a higher gross margin.
Mr. Jifan Gao, Chairman and CEO of Trina Solar, stated, "Overall, 2014 was a successful year for Trina Solar. Both our manufacturing and downstream businesses delivered strong results, and we emerged as the world's largest supplier of solar modules. We took advantage of the rapidly growing demand in China, the world's largest market for solar products, as well as the expansion of sales across various Asia-Pacific and Americas markets. We were also able to mitigate the industry trend of declining average sales prices (ASPs) without compromising product quality by re-engineering our manufacturing processes and supply chain to drive down costs and by growing our portfolio of downstream projects to increase profitability.In 2015, we believe that our focus on technological innovation and delivering the highest quality and diversified module portfolio will drive growth in an expanding market.”
Fourth Quarter 2014 Financial and Operating Highlights
- Total module shipments were 1,098.8 MW, consisting of 1,070.5 MW of external shipments and 28.3 MW of shipments to the Company's own downstream power projects. This compares with total shipments of 1,063.8 MW, consisting of 936.8 MW of external shipments and 127 MW of shipments to the Company's own downstream power projects, in the third quarter of 2014
- Net revenues were $705.0 million, an increase of 14.3% from the third quarter of 2014
- Gross profit was $111.0 million, an increase of 8.0% from the third quarter of 2014
- Gross margin was 15.7%, compared with 16.7% in the third quarter of 2014
- Operating income was $30.5 million, a decrease of 14.4% from the third quarter of 2014
- Net income was $13.9 million, an increase of 31.5% from the third quarter of 2014
- Net income excluding the net foreign exchange loss was $21.5 million. Net foreign currency exchange loss was $7.6 million, which included a gain on change in fair value of foreign exchange derivative instruments of $1.7 million
- Earnings per fully diluted American Depositary Share ("ADS" and each ADS represents 50 of the Company's ordinary shares) were $0.13, compared with $0.14 in the third quarter of 2014. Excluding net foreign exchange loss, earnings per ADS was $0.21
Full Year 2014 Financial and Operating Highlights
- Total solar module shipments were approximately 3.66 GW, an increase of 41.9% from 2.58 GW in 2013
- Total net revenues were $2.29 billion, an increase of 28.8% from 2013
- Gross profit was $385.6 million, an increase of 76.7% from 2013
- Gross margin was 16.9%, compared with 12.3% in 2013
- Operating income was $120.1 million, compared with an operating loss of $38.1 million in 2013.
- Net income for the full year was $61.3 million, compared with a net loss of $72.2 million for 2013
- Earnings per fully diluted ADS for 2014 were $0.74, compared with a loss per fully diluted ADS of $1.01 in 2013
