(TSL) Trina Solar Ltd. – Earnings Estimates Rise

December 9th, 2009

Trina Solar Ltd. (TSL) reported strong Q3 results in mid November that have pushed its share price to a new 52-weke high.

Company Description

Trina Solar Ltd., through its subsidiaries, designs and manufactures solar modules worldwide. The company was founded in 1997 and has a market cap of $1.37 billion.

Third-Quarter Results

Shares of Trina recently hit a new 52-week high above $50 after the company reported better than expected Q3 results on Nov 16. Sales were down 14% from last year to $249.8 million. But earning came in strong at $1.29, 54 cents ahead of the Zacks Consensus Estimate. The company has beat in each of the last four quarters by an average of 26 cents, or 92%.

Trina Solar noted that its module shipments were up 85% from last year to 123 MegaWatts. Gross margin improved to 28.5% from 22.4% while operating expenses dropped to 10.3% of net revenue from 15%. At the end of the quarter the company carried $384.8 million in cash and equivalents against $381 million in borrowing, with just $24.3 million of that being long-term.

Estimates Rise

Trina also provided bullish guidance, causing estimates to jump higher. The current year has added 46 cents in the last month to $2.48. The next-year estimate added 82 cents, rising to $3.48, a bullish 40% growth projection.

Valuation

Based on the current-year estimate, shares of TSL trade with a P/E of 19X, a slight premium to the overall market.

The Chart

Shares of TSL have posted big gains this year with the overall market, recently hitting a new 52-week high above $50. Take a look at the nice move below.

Zacks Investment Research

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