News / Business
Trina Solar Ltd (TSL) Fourth Quarter Profits Triple
Trina Solar Ltd (NYSE:TSL) released its fourth quarter earnings on Tuesday, March 4, revealing a sudden increase in profit. The profits tripled due to increased shipments and strong revenue growth.
According to the company’s earnings report shares rose more than 9%, up to $35.59 in the New York Stock Exchange. The net income went up to $15.7 million from last year’s $4.6 million as revenue went over 160% to $101.4 million.
Over 80% of the company’s estimated silicon requirements for 2008 were met. The company will continue to stay on target to meet this year’s capacity goal of 350 megawatts.
90% of the company’s targeted module production for 2008 has already been contracted by the company.
FINANCIAL TABLES FOLLOW -
Trina Solar Limited
Consolidated Statement of Operations
(US dollars in thousands, except ADS and share data)
For the Three Months Ended For the Year Ended
December 31, December 31,
2007 2006 2007 2006
(unaudited) (unaudited) (unaudited)
Net revenues $101,394 $38,766 $301,819 $114,500
Cost of revenues 73,796 29,740 233,905 84,450
Gross profit 27,598 9,026 67,914 30,050
Operating expenses
Selling
expenses 3,860 927 11,019 2,571
General and
administrative
expenses 6,533 2,050 17,817 8,656
Research and
development
expenses 978 190 2,805 1,903
Total operating
expenses 11,371 3,167 31,641 13,130
Operating income 16,227 5,859 36,273 16,920
Exchange gain or
(loss) (1,440) -- (1,999) --
Interest expenses (2,636) (1,069) (7,551) (2,137)
Interest income 2,362 122 4,810 261
Other income
(expenses) 502 3 1,268 (82)
Income before
income taxes 15,015 4,915 32,801 14,962
Income tax
(expenses) benefit 509 (527) 1,707 (1,788)
Net income from
continuing
operations 15,524 4,388 34,508 13,174
Net income (loss)
from discontinued
operations 162 196 368 (753)
Net income $15,686 $4,584 $34,876 $12,421
Earnings per ordinary
share from continuing
operations
Basic 0.006 0.003 0.015 0.010
Diluted 0.006 0.003 0.015 0.010
Earnings per ADS
from continuing
operations
Basic 0.622 0.271 1.475 0.978
Diluted 0.612 0.264 1.455 0.959
Earnings per
ordinary share
Basic 0.006 0.003 0.015 0.009
Diluted 0.006 0.003 0.015 0.009
Earnings per ADS
Basic 0.628 0.283 1.490 0.922
Diluted 0.619 0.276 1.470 0.904
Weighted average
ordinary shares
outstanding
Basic 2,495,985,720 1,152,016,485 2,339,917,459 1,038,316,484
Diluted 2,535,166,603 1,181,277,275 2,371,963,822 1,058,483,593
Weighted average
ADS outstanding
Basic 24,959,857 11,520,165 23,399,175 10,383,165
Diluted 25,351,666 11,812,773 23,719,638 10,584,836
Trina Solar Limited
Consolidated Balance Sheet
(US dollars in thousands)
December 31, December 31,
2007 2006
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $59,696 $93,380
Restricted cash 103,375 5,004
Inventories 58,548 32,230
Accounts receivable, net 72,323 29,353
Other receivables 3,063 1,228
Advances to suppliers 43,567 34,606
Value-added tax recoverable 1,417 1,035
Deferred tax assets 380 613
Current assets of discontinued operations 33 353
Total current assets 342,402 197,802
Property, plant and equipment 197,124 51,419
Intangible assets, net 5,462 2,372
Advances to suppliers - long-term 53,737 --
Deferred tax assets 1,095 152
TOTAL ASSETS $599,820 $251,745
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings, including
current portion of long-term debt $163,563 $71,409
Accounts payable 42,691 9,147
Accrued expenses 10,255 5,029
Advances from customers 2,371 1,200
Income tax payable 1,406 850
Current liabilities to be disposed 199 434
Total current liabilities 220,485 88,069
Long-term bank borrowings 8,214 5,122
Accrued warranty costs 4,486 1,400
Total liabilities 233,185 94,591
Ordinary shares 26 21
Additional paid-in capital 304,878 139,671
Retained earnings 50,466 15,622
Other comprehensive income 11,265 1,840
Total shareholders' equity 366,635 157,154
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $599,820 251,745
For more information, please contact:
Trina Solar Limited
Sean Shao, CFO
Tel: +86-519-8548-6752 (Changzhou)
Thomas Young, Director of Investor Relations
Tel: +86-519-8548-6752 (Changzhou)
Email: ir@trinasolar.com
CCG Elite Investor Relations
Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Ed Job, CFA
Tel: +1-646-213-1914
Email: ed.job@ccgir.com
