Chinese company Trina Solar Ltd. announced financial results for 2013 today. The company shipped 2.58 GW of PV modules in 2013 compared to 1.59 GW in 2012. The company also saw net revenues increase 36.9% from 2012 to $1.77 billion. Gross profits also increased to $218.2 million, an increase of 281.2% from 2012. Year over year increaseswere driven largely by rising shipment volumes to China and Japan.
In releasing the financial results from 2013, Trina Solar also made some forward looking projections for 2014. The company expects to total PV module shipments for 2014 to be between 3.6 GW and 3.8 GW representing an increase of 39.5% to 47.3% respectively from 2013.
“In 2014, we are optimistic that solar PV demand will continue to be strong and expect China, Japan, as well as the broader Asia Pacific region and the Middle East to be key drivers of this increased demand. At the same time, we remain committed to securing ongoing growth in Europe. To capitalize on this growing demand, we will work towards solidifying our leading position in modules sales,” Chief Executive Officer, Jifan Gao said in a statement. The company expects continued growth in China following the government’s increased target of 14 GW of new solar installations for 2014.
Trina shares opened the trading day at $15.23 and at the time of writing are trading at $16.23 on the New York Stock Exchange.