CHANGZHOU, China ( TheStreet) -- The second quarter shakeout of the solar industry continued yesterday. But one module maker managed to give some rosier results compared to other recent offerings.
After the closing bell on Monday, Trina Solar said its earnings grew to $18.9 million, or 71 cents per ADS, from $17.1 million, or 68 cents per ADS, from the year-earlier quarter. Write-offs and gains -- including a $13.7 million foreign currency gain because of the appreciation of the euro against the dollar -- blended to impact bottom line results by 30 cents per ADS.
In a press release on Monday, the China-based operation said revenue fell to $150 million from $204.2 million during the year-earlier period because of the now-ubiquitous problem of declining module prices. Still, the second quarter top line results were a 13.5% improvement from the first quarter.On average, street forecasts from Thomson Reuters showed Trina Solar turning in a 32 cent per share effort during the second quarter, along with $149.5 million in revenue. Pointing to better demand out of Europe -- along with increasing customer financing and more government green-tech incentives in locales throughout Europe, North America and Asia -- Trina Solar said that shipments grew both sequentially and year-over-year to 63.9 megawatts of power. Even more so, though, was the company's gross margin growth to 27.4% from 23.2% in the year-earlier quarter.