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.

Afterwards, investors were taking a shine on Trina Solar ( TSL), 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.

Looking ahead, Trina Solar expected photovoltaic shipments to come to between 90MW to 110 MW during the third quarter. For the year, the company expects total shipments to land between 350 MW to 400 MW.

"We see market confidence returning to the PV sector due the strong government commitment to support clean energy technologies and an improvement in financing conditions," CEO Jifan Gao said in a statement. "With greater visibility and a pickup in demand in the market we have therefore committed to capacity expansion by the end of the year in order to further leverage the benefits of our fully integrated business model."

Elsewhere, Yingli Energy ( YGE), Suntech Power ( STP) and LDK Solar ( LDK) were all moving in positive territory just after the opening bell, up 3.2%, 2.2% and 1.4%.

Solarfun ( SOLF), which today posted a GAAP loss turned profit after excluding certain items, was losing 43 cents, or 6.8%, at $5.89.

-- Reported by Sung Moss in New York

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