Trina Solar Ltd. (TSL) continues to soar on upward estimate revisions after announcing excellent quarterly results.
Company Description
Trina Solar makes solar modules. The company offers products from residential to industrial use and operates out of China.
Revenue Up 67%
Trina reported third-quarter results on Nov 19 that showed a 67% sequential increase in revenues, to $250 million. This is down about 14% year-over-year.
Additionally, the company improved its margins and produced net income of $40.1 million, up from $18.9 million last quarter. This led to earnings per share of $1.29, 54 cents better than the Zacks Consensus Estimate.
Bullish Comments
Jifan Gao, Chairman and CEO said, “We are very pleased with our strong third quarter performance, which saw the highest shipment volumes and net income in our operating history and exceeded our previous guidance in shipment and gross margin.” He continued to say, “We are seeing even stronger demand in the fourth quarter…”
Estimates Pop
Following the quarterly news and a sales agreement in China, analysts raised full-year estimates. Forecasts for 2009 are averaging $2.84, up from $1.95 over the past 2 months.
The Zacks Consensus Estimate for next year is $3.76, up from $2.60. These levels represent growth rates of 20% and 32%, respectively.
The Chart
Shares of TSL have been setting new 52-week highs for most of the year as the upward tend continues. Take a look at the chart below.
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