CHANGZHOU, China (
) -- 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.
Afterwards, investors were taking a shine on
(TSL - Get Report)
, sending its American Depositary Shares up 3%, or 78 cents, at $27.20 just after the opening bell this morning.
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.