Chinese solar power company Trina Solar Ltd. on Thursday said its third-quarter earnings climbed 25 percent to a record high and beat expectations, pushing its shares up in morning trading.
Trina's stock rose $1.20, or 2.8 percent, to $43.98 even as the broader market declined sharply. Earlier shares reached a new 52-week high of $45.23.
Like many of its industry peers, Trina's shipments reached a record high in the third quarter, but revenue still lagged as selling prices remained weak. Prices of solar cells have been hurt by weaker prices for polysilicon, a key ingredient used in making the cells.
Quarterly earnings rose to $40.1 million, or $1.29 per American Depository Share, compared with $32.1 million, or $1.17 per ADS, during the same period last year. Results include the impact of $3.6 million in write-offs and a foreign currency exchange net gain of $7.9 million.
Analysts polled by Thomson Reuters estimated a profit of 84 cents per ADS, on average. Analysts typically exclude one-time items.
Revenue declined 14 percent to $249.8 million, down from $290.7 million in the prior-year period. Analysts forecast an average revenue of $192.1 million.
"We are seeing even stronger demand in the fourth quarter, reflecting increasing brand recognition for our products and a further improvement in financing conditions," CEO Jifan Gao said in a statement.
The company adjusted its full-year 2010 module shipments to between 380 megawatts and 400 megawatts, up from earlier estimates between 350 megawatts and 400 megawatts.