Shares of Trina Solar (TSL) soared more than 16% in Wednesday morning trading after the Chinese solar panel-maker topped quarterly profit estimates and predicted sharply higher second-quarter shipments.
Trina Solar said it earned $26.5 million during the first quarter, its third consecutive quarterly profit. In the prior-year period, Trina Solar reported a loss of $63.7 million. EPS came in at 37 cents, handily beating the 3 cents that analysts had forecast, the Wall Street Journal noted.
Quarterly revenue of $444.8 million was up 71% year-over-year, but that fell short of the $453 million that Wall Street was looking for.
During the second quarter, Trina Solar expects to ship solar panels with a total capacity of between 950 megawatts and 1,010 megawatts. That compares to shipments totaling 558 megawatts during the first quarter.
On Tuesday, TSL stock closed at $10.36 per share.
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