UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2009
Commission File Number: 001-33195
TRINA SOLAR LIMITED
No. 2 Tian He Road
Electronics Park, New District
Changzhou, Jiangsu 213031
Peoples Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F:
Form 20-F þ Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): o
Exhibit 99.1
Trina Solar Announces Selected Estimated Second Quarter Results
Margins Heightened, Significant Cost Reductions, Shipments Increased
CHANGZHOU, China, July 27, 2009 /PRNewswire-Asia-FirstCall via COMTEX/ Trina Solar Limited
(NYSE: TSL) (Trina Solar or the Company), a leading integrated manufacturer of solar
photovoltaic products from the production of ingots, wafers and cells
to the assembly of photovoltaic, or PV, modules, today announced the following selected estimated financial results for the quarter ended
June 30, 2009.
For the second quarter 2009, the Company estimates:
total shipments of approximately 63 MW to 65 MW of PV modules, compared to the Companys
previous guidance of 60 MW to 65 MW, an increase of 29.1% to 33.2% from the first quarter of
2009 and an increase of 32.4% to 36.6% from the second quarter of 2008.
total net revenues of approximately $148 million to $152
million, an increase of 12.0% to 15.1% from the first quarter of 2009
and a decrease of 25.6% to 27.5% from the second quarter of 2008.
gross margin of approximately 26.0% to 28.0%, compared to the Companys previous
guidance of 18% to 20%, and an increase from 17.2% in the first
quarter of 2009 and 14.3% in the second quarter of 2008.
operating margin to be approximately 11.5% to 13.5%, compared to 5.2% in the first
quarter of 2009. Operating income in the second quarter includes an approximately $5 million
write-off of accounts receivable due to the uncollectibility of such
amount from one of the Companys customers
based in Germany.
We are pleased with our results during the second quarter, which we believe reflect Trina Solars
brand being recognized increasingly for its quality and performance by both our customers and their
lenders, said Jifan Gao, Chairman and CEO of Trina Solar. Our improved operating performance
reflects a steady improvement in the global solar marketplace and a supportive regulatory
environment, and supports the strength of our business model, as the overall cost of solar energy
declines and the cost of ownership falls.
The above selected estimated results for the second quarter of 2009 are preliminary and are subject
to the completion of the Companys normal quarter-end closing procedures. The Companys actual
results may differ from these estimates.
Cell and Module Capacity
Through yield increases achieved from improved cell conversion efficiency rates, improved
production efficiencies and manufacturing line enhancements, the Company is on target to increase
its annualized in-house production capacities of PV cells and modules from the current 400 MW to
approximately 450 MW by the end of September 2009. Furthermore, the Company expects to increase
approximately 150 MW of additional capacity as part of its new East Campus capacity expansion
initiative, achieving a total annualized cell and module production capacity of 600 MW by the end
of 2009.
Recent Debt Facilities
In
July 2009, the Company borrowed approximately $80
million in loans due on June 30, 2010 from a domestic bank to
support its East Campus capacity expansion project. The loans bear an average
annual interest rate of 5.23%, payable monthly, and are dominated in Euros, U.S. dollars and
Renminbi. The loans are expected to become a part of a five-year
project financing arrangement that the Company is finalizing with
domestic banks.
Third Quarter and Full Year Guidance
For the third quarter of 2009, the Company expects to ship between 90 MW and 110 MW of PV modules.
For the full year of 2009, the Company reiterates the guidance for total PV module shipments
between 350 MW to 400 MW, representing an increase of 74% to 99% from 2008.
The above
guidance is based on the Companys current views with respect to
operating and market conditions, which are subject to change. The Company will review its second quarter 2009 results during a conference call expected
to be held between August 17 to 21, 2009. Conference call details will be made available
approximately two weeks prior to the call via a separate announcement, available at the Companys
website at http://www.trinasolar.com.
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL) is a well recognized manufacturer of high quality modules and has a
long history as a solar PV pioneer since it was founded in 1997 as a system installation company.
Trina Solar is one of the few PV manufacturers that has developed a vertically integrated business
model from the production of monocrystalline and multicrystalline silicon ingots, wafers and cells
to the assembly of high quality modules. Trina Solars products provide reliable and
environmentally-friendly electric power for a growing variety of end-user applications worldwide.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact in this announcement are forward-looking statements, including but
not limited to, the Companys ability to raise additional capital to finance the Companys
activities; the effectiveness, profitability and marketability of its products; the future trading
of the securities of the Company; the period of time for which the
Companys current liquidity will enable
the Company to fund its operations; general economic and business conditions; the volatility of the
Companys operating results and financial condition; and other risks detailed in the Companys
filings with the Securities and Exchange Commission. These forward-looking statements involve known
and unknown risks and uncertainties and are based on current expectations, assumptions, estimates
and projections about the Company and the industry in which the Company operates. The Company
undertakes no obligation to update forward-looking statements to reflect subsequent occurring
events or circumstances, or to changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in these forward looking statements
are reasonable, it cannot assure you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ materially from the anticipated results.
For further information, please contact:
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Trina Solar Limited
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Brunswick Group |
Terry Wang, CFO
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Caroline Jinqing Cai |
Phone: + (86) 519-8548-2009 (Changzhou)
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Phone: + (86) 10-6566-2256 |
Thomas Young, Director of Investor Relations
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Michael Fuchs |
Phone: + (86) 519-8548-2009 (Changzhou)
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Phone: + (86) 10-6566-2256 |
Email: ir@trinasolar.com
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Email: trina@brunswickgroup.com |