May 29 (Bloomberg) -- Trina Solar Ltd., China’s third-largest panel manufacturer, fell the most in a week as declining prices led to a first-quarter loss that exceeded expectations.
The company’s American depositary receipts, each worth 50 ordinary shares, fell 11 percent to $6.04 at the close in New York, the most since May 22.
Trina’s net loss more than doubled from a year earlier to $63.7 million, or 90 cents an ADR, Changzhou, China-based Trina said today in a statement. That was 21 cents more than the average of 12 analysts’ estimates compiled by Bloomberg. Sales slumped 26 percent to $260.2 million.
Shipments increased 3.4 percent to 393 megawatts of panels and the company said in the statement the “average selling price of modules continued to decline in the first quarter.”
Trina didn’t provide its sales price. The industry average price fell 19 percent from a year earlier to 79 cents a watt, according to data compiled by Bloomberg.
Trina expects to ship 500 megawatts to 530 megawatts of panels in the current quarter and 2 gigawatts to 2.1 gigawatts this year.
Yingli Green Energy Holding Co. is China’s largest panel manufacturer by shipments, followed by Suntech Power Holdings Co.
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