The company cites demand for its PV modules as a key reason for the expansion, which is expected to take place in the second half of 2011. It adds that expects to take the efficiency of its multicrystalline cells up to 18.5 percent on a test production line basis by the end of the year.
Furthermore, for its previously announced crystalline cell development with the Solar Energy Research Institute of Singapore, Trina is targeting a 20 percent cell efficiency by the middle of 2012. It is hoped this will reach 21.5 percent in 2013, based on a test production line basis.
In terms of this years performance, the Chinese manufacturer says it expects shipments of its PV modules to be "slightly higher" than what was delivered in the fourth quarter (Q4) of 2010, which saw around 351 megawatts (MW) shipped. This is said to represent an increase of 20.7 percent sequentially and 114.3 percent year-over-year. For 2010 as a whole, the company shipped roughly 1.06 GW of modules, which is an increase of 164.8 percent from 2009.
The increase in total shipments was said to be mainly due to increased allocations to North America and China, in addition to the company's increased manufacturing capacity, and linked to increased year-end demand to install new PV systems ahead of annual feed-in tariff adjustments.
Financial performance
Looking at Trinas financial results from 2010, the company achieved net revenues of $641.8 million in Q4 a sequential increase of 26.3 percent and $1.86 billion for the whole year, thus representing an 119.8 percent increase from 2009.
Gross profit for Q4, on the other hand, was $201.8 million, an increase of 26.6 percent sequentially and 97.4 percent year-over-year. Meanwhile, gross margin was 31.4 percent, compared to 31.4 percent in Q3 2010 and 32.6 percent in Q4 2009. Overall, gross profit hit $584.4 million, an increase of 146.4 percent from 2009, while gross margin was 31.5 percent, compared to 28.1 percent in 2009.
In relation to Trinas Q4 operating income, the company reached $145.1 million, compared to $113.0 million in Q3 2010 and $64.4 million in Q4 2009. Furthermore, operating margin was 22.6 percent, compared to 22.2 percent in the Q3 2010 and 20.6 percent in Q4 2009. For the year as a whole, operating income reached $417.3 million, up 208.3 percent from $135.4 million in 2009; and operating margin was 22.5 percent, compared to 16.0 percent in 2009.
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