NEW YORK (TheStreet) -- Solid earnings for solar stocks weren't enough to keep the Wall Street bears at bay on Tuesday. By close, solar stocks Trina Solar (TSL), Yingli Green Energy (YGE), JinkoSolar (JKS), SunPower Corp (SPWR) and First Solar (FSLR) had been forced into retreat.
China-based, NYSE-listed stocks Trina, Yingli Green Energy and JinkoSolar plunged 5.7%, 10.1% and 6.6%, respectively. Solar companies Stateside weren't immune with SunPower Corp dropping 6.6% to $30.69 and First Solar shedding 3.9% to $60.42.
The industry sell-off came despite solid earnings for Trina Solar on Tuesday and JinkoSolar Monday. Reporting before the bell, Trina Solar posted its first profit in nine quarters. The company, located in Changzhou, northwest of Shanghai, recorded third-quarter net income of 14 cents a share, beating Yahoo! Finance estimates by 28 cents. Revenue of $548.4 million, 84% higher than a year earlier, was $75.5 million higher than consensus.
JinkoSolar, reporting before the bell Monday, also impressed with an earnings beat of 72 cents a share, 27 cents higher than expected. Revenue increased 45% year over year to $320.7 million, beating estimates of $302.22 million.The strong earnings indicate Chinese solar companies are beginning to recover from a four-year downturn sparked by excessive production and strict anti-subsidy tariffs imposed on China-manufactured panels. Both Trina and JinkoSolar benefited from strong demand in Asian markets and less dependence on Europe.
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