Citing record shipment volumes and a bustling downstream business, Trina Solar increased sales and earnings both in the fourth quarter and full-year period of 2014.
The company posted full-year revenue of $2.29 billion, an increase of nearly 29% over 2013, and fourth-quarter sales of $705 million, representing a 34.1% year-on-year boost and a 14.3% increase from the third quarter.
Net profit for the year fell 17% to $59.3 million while fourth-quarter earnings dropped almost 9% year-on-year to $13.9 million.
Strong demand from China, Japan and the United States drove annual module shipments, which soared nearly 42% to 3.66 GW, including 3.34 GW of external shipments and 324 MW of shipments to the company’s downstream projects.
Fourth-quarter module shipments reached 1,098.8 MW, consisting of 1,070.5 MW of external shipments and 28.3 MW of in-house downstream project shipments, improving on third-quarter shipments, which reached 1,063.8 MW, including 936.8 MW of external shipments and 127 MW of in-house downstream shipments.
"We saw record shipment volumes, maintained our leading position as one of the largest solar companies in the world, and continued to increase our earnings quarter to quarter," said Trina Chairman and CEO Jifan Gao.
The chief exec added that Trina also made significant progress in its downstream business, including the connection of two utility scale solar power plants totaling 210 MW in Chinas Xinjiang and Jiangsu provinces.
Our project pipeline in China is expanding and we are growing our downstream business at a steady pace, he added.
Overseas, the company closed the sale of a 13.2 MW project in the United Kingdom in December. Cash generated by the sale will provide additional capital for the expansion of Trinas downstream businesses, Gao said.
Other planned project sales in the U.K. and Japan will further contribute to the companys downstream business expansion this year, he added.
Trina strengthened its focuses on developing distributed generation (DG) projects in China last year and said it would further tap into the DG market and bolster its current downstream pipeline in China in 2015.
The group plans to continue its expansion in 2015, Gao said. Trina expects to ship between 840 MW to 870 MW of modules in the first quarter, including about 65 MW to its downstream business.
For the full year, the company expects a 20% to 26% increase in module shipments of between 4.4 GW and 4.6 GW, including some 750 MW aimed at its own downstream projects. Trina also expects to connect some 725 MW of downstream projects around the world, including a significant number of DG projects in China.