Trina Solar Ltd., China’s second-largest panel maker, returned to profit for the first time in two years and raised its shipment forecast 11 percent.
Net income in the third quarter was $9.9 million compared with a loss of $33.7 million the previous quarter and a $57.5 million-loss a year ago, the Changzhou, China-based company said today in a statement. Revenue rose 24 percent from the previous quarter.
Most large solar manufacturers are becoming newly profitable, helped by a surge in demand from Asia and a stabilization of prices following two years of losses. Peers Canadian Solar Inc. and JinkoSolar Holding Co. Ltd. also reported profit last week.
Trina’s third-quarter panel shipments reached 774.6 megawatts driven by sales in China and Japan, doubling the level in the same period last year. The company now expects to ship 2.58 gigawatts to 2.62 gigawatts during 2013, higher than the previous forecast of 2.3 gigawatts to 2.4 gigawatts.
Trina last reported a profit in the second quarter of 2011. Yingli Green Energy Holding Co. Ltd. is China’s largest solar panel maker, according to Bloomberg data.