NEW YORK (Reuters) - China-based Trina Solar Ltd reported higher-than-expected fourth quarter profit and said its margins widened even as the industry continued to see weaker selling prices for solar modules.
A glut of solar cells and modules pressured prices by about 40 percent last year, but a recent rebound in demand ahead of expected subsidy cuts in Germany has boosted sales for many producers of the renewable energy systems.
Net income rose to $49.2 million, or 74 cents per American Depositary Share, versus a loss of $673,000, or 1 cent per share, in the year-earlier quarter.
That easily topped the 60 cents per share that analysts had on average forecast, according to Thomson Reuters I/B/E/S.
Revenue rose 45 percent to $313.3 million, beating analysts" forecast for $284 million.
Gross margins climbed to 32.6 percent, topping Trina"s forecast of 25 percent to 27 percent.
Shipments of its photovoltaic modules rose to 164 megawatts, up 34 percent from the third quarter and at the top end of the company"s forecast of 145 to 165 megawatts.
Shares in the company rose 3.4 percent in premarket trade.
(Reporting by Matt Daily, editing by Gerald E. McCormick)
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