Trina Solar Records $18.9 Million In Profits

Trina Solar, a solar company based in China, announced today a profit of $18.9 million for the 2009 quarter ending June 30th. The company’s profits are up 11% from their second quarter of last year reports. Prior to announcing their quarterly profits, Trina Solar’s shares closed at  $26.42 in after hours trading.

The shares were higher than had been estimated by  Thomson Reuters, resulting in earnings of $0.71 per share for the company. In the wake of increased profits and a renewed demand for solar energy, CEO Jifan Gao said the company would be increasing production by the end of the year in order to meet customer demands. Trina manufactures solar parts like ingots, wafers, cells, and PV panels, and will set a target goal to increase production to yield 400MW of solar technology in 2009. The rise in production will be up from the company’s output of 250 MW in 2008.

“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,” Gao said to the press in a recent release.

The solar company has already shipped 63.9 MW in quarter two of this year, which is an increase of 30.9 percent from last quarter. Overall this quarters production is up 34.3 percent from the corresponding quarter in 2008. For the third quarter, Trina has forecasted that they will ship 90 to 110 MW of solar equipment.

Trina Solar also announced today that they had managed to raise $18.6 million by selling 675,000 holdings in American Depositories. The sale was part of a large sale that the company had made earlier this month, so far the company has received $142 million from the sale of the shares.

Thanks to cleantech.com for the above quote, for more information please visit their website.