May 21 (Bloomberg) -- Trina Solar Ltd., China’s second-largest panel manufacturer, rose the most in more than five years after reporting sales that climbed 71 percent.
The company’s American depositary receipts, each worth 50 ordinary shares, climbed 31 percent to $13.56 at the close in New York, the most since since March 2009.
Trina reported net income of $26.5 million for the first quarter, or 37 cents an ADR, the Changzhou, China-based company said today in a statement. That’s a turnaround from a year-earlier loss of $63.7 million, or 90 cents. Sales increased to $444.8 million from $260.2 million.
This is Trina’s third straight profitable quarter as the solar industry rebounds from a two-year slump after a global oversupply drove down prices and margins. The company is the largest profitable Chinese photovoltaic producer. Yingli Green Energy Holding Co., the top supplier, is pursuing low-margin sales in its domestic market and doesn’t expect to post income until the second or third quarter.
“We have made further progress adjusting our sales mix to achieve relatively stable” prices, Chief Executive Officer Gao Jifan said in the statement. Shipments to regions such as Japan, where Trina gets higher prices, accounted for 30 percent of total exports.
Trina shipped 558 megawatts of panels in the quarter, at the middle of an April 11 forecast of between 540 megawatt and 570 megawatts. It expects to ship 950 megawatts to 1,010 megawatts in the current quarter and 3.6 gigawatts to 3.8 gigawatts this year.
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