Trina Solar Ltd

On July 24, the stocks of both Ford Motor Company (F) and Tesla (TSL) bled after the companies reported their second-quarter earnings.

Revenue trend First Solar’s (FSLR) revenue is primarily from turn-key projects, project maintenance, project sales, PV (photovoltaic) module sales to third parties, and PPAs (power purchase agreements) for sale of electricity. In this part, we’ll examine First Solar’s financial performance. As we discussed previously, First Solar has two main business segments: Components and Systems. The design, […]

India’s rising electricity demand According to the EIA’s (U.S. Energy Information Administration) 2017 International Energy Outlook, India’s electricity generation is expected to increase by 3.2% per year through 2040, to meet increasing electricity demand in rural areas. Solar outlook Even though coal is the primary fuel used for electricity generation in India, the focus on renewable […]

The Americas The US PV (photovoltaic) market made up ~83% ($2.9 billion) of First Solar’s (FSLR) revenue. The United States has typically been First Solar’s largest market, and where many of its prominent projects and customers are located. First Solar has completed the construction of Del Sur, a 26 MW (megawatt) solar project in Honduras. It commenced […]

Operating segments Previously, we looked at First Solar’s (FSLR) history. The photovoltaic module manufacturer operates two business segments: Components and Systems. The Components segment First Solar is a manufacturer of solar (TAN) photovoltaic (or PV) modules. First Solar also designs and sells these modules. They manufacture thin-film PVs, in which the semiconductor material used is […]

First Solar (FSLR) produces solar energy equipment. In this series, we’ll look at its performance and the outlook for the industry.

As of December 9, 2016, among its major peers, Yingli Solar had the highest forward EV-to-EBITDA multiple of 14.3x.

Yingli Solar (YGE) reported about 365 MW of solar (TAN) module shipments for 3Q16, as compared to 662 MW in 2Q16 and 460 MW in 3Q15.

SunPower expects to incur about $225 million–$275 million in restructuring charges as part of closing its Philippine-based Fab 2 manufacturing facility.

The market cheered SunPower’s restructuring initiatives. The initiatives are expected to reduce the company’s costs and improve its future margins.

For 3Q16, analysts expect Yingli Solar to report a gross profit of about $31.0 million with a gross margin of about 12.4%, which is in line with the company’s gross margin guidance.

Yingli (or Yingli Solar) (YGE) is set to announce its 3Q16 earnings on December 8, 2016. In this series, we’ll look at analysts’ expectations for Yingli Solar’s 3Q16 earnings.

Trina Solar’s interest expenses have consistently been on the rise over the last two years. For 3Q16, they were $28.6 million compared to $26.0 million in 2Q16.

In 3Q16, Trina Solar (TSL) reported a gross profit of $125.6 million compared to $176.3 million in 2Q16. On a YoY basis, the company’s gross profit fell nearly 9.0%.

In 3Q16, Trina Solar’s (TSL) consolidated revenue came in at around $741.0 million compared to analysts’ expectations of about $823.0 million.

Trina Solar (TSL) had a total module shipment guidance of 1.55–1.65 GW (gigawatts) for 3Q16. However, it reported 1.36 GW of total solar (TAN) module shipments.

Trina Solar (TSL) announced its 3Q16 earnings results before market hours on November 23, 2016. In this series, we’ll take a look at the results and compare them with analysts’ expectations.

Following its 3Q16 results, Canadian Solar revised down its US GAAP revenue guidance for 2016 to $2.8 billion–$2.9 billion.

On November 16, 2016, First Solar (FSLR) announced an update on its Series 6 product transition and revised its fiscal 2016 guidance.

Canadian Solar’s interest expenses fell considerably in 2Q16 to $11.9 million from $16.1 million at the end of 1Q16.

Canadian Solar (CSIQ) is set to announce its 3Q16 earnings results on November 21, 2016, before market hours.

First Solar’s adjusted EBITDA for 3Q15 came in at $466 million. For 3Q16, analysts expect First Solar’s adjusted EBITDA to be around $120 million.

Analysts expect a fall in JA Solar’s revenue in 3Q16. They anticipate that consolidated revenue will fall 7% on a quarter-over-quarter basis.

In October 2013, JA Solar (JASO) launched its high-efficiency monocrystalline Percium modules. These products have a record high conversion efficiency of up to 21%.

JA Solar’s (JASO) future success largely depends on the ability to expand its manufacturing capacity and output.

In November 2011, JA Solar announced the acquisition of a 100% equity interest in Silver Age Holdings.

Among major upstream solar companies, First Solar (FSLR) has the lowest estimated EV-to-EBITDA multiple of 3.9x for 2016. This is followed by Trina Solar’s (TSL) estimated multiple of 6.9x.

Analysts anticipate a decrease in gross profit and gross margin for Trina Solar. For the coming quarter, analysts anticipate that the company will report about $145 million in gross profit, which would be a ~18% decrease on a quarter-over-quarter basis.

Trina Solar (TSL) had given shipment guidance of 1,500 MW (megawatts) to 1,600 MW for 2Q16. However, the company reported 1,658.3 MW of solar (TAN) module shipments recognized in its revenue for 2Q16.

First Solar (FSLR) is expected to announce its 2Q16 earnings results on August 4, 2016, after market hours.

A significant portion of Yingli Solar’s (YGE) capital expenditure is confined to China (FXI).

Yingli Solar’s cost performance mainly depends on the price of its key raw material, polysilicon.

Yingli Solar’s manufacturing capacity for modules, solar cells, wafers, and ingots stood at 4,000 MW (megawatts), 3,200 MW, 3,000 MW, respectively, at the end of 2015.

Yingli Solar’s (YGE) PV module manufacturing segment contributes a significant portion of its overall cost of revenue.

Conversion efficiency refers to the efficiency of a solar module to convert a portion of the sun’s energy into electricity.

As of December 31, 2015, Yingli Solar (TAN) had about $371 million in long-term debt and about $1,049 million in short-term borrowings on its books.

According to Yingli Solar’s (YGE) company filings, China (FXI), Japan, and the United States were the top three markets for the company’s solar (TAN) products in 2015.

SunPower reported about $381 million in consolidated revenue for 2Q15. Analysts estimate that the company will report revenue of $339 million in 2Q16.

SunPower (SPWR) is expected to announce its 2Q16 earnings results on July 26, 2016, after market hours.

Four out of 11 analysts covering Trina Solar have rated the stock a “buy.” Six have rated the stock a “hold,” and one recommends a “sell” for the stock.

Government incentives, environment regulations, seasonal changes in demand, and cost factors are among the biggest performance drivers for Trina Solar.

Trina Solar’s (TSL) Manufacturing segment produces ingots, wafers, solar (TAN) cells, and PV (photovoltaic) modules.

Trina Solar (TSL) offers products and services that span the entire value chain of integrated power products.

The owners of solar systems are eligible for a maximum tax credit of 30% of the investment value in the applicable solar systems before December 31, 2019.

Trina Solar has a strong global distribution network covering Europe, Asia, North America, Australia, and Africa.

The Clean Power Plan could set a bigger stage for renewable energy in the energy mix of the United States. Renewable energy could outweigh energy from all fossil fuels combined by 2040.

SolarCity’s stock price gained 412% since December 2012. We’ll see if it can match its increasing market share with increased earnings.

SunPower is moderately leveraged. Its total debt-to-fiscal 2014 EBITDA came in at 3.8x, and its total debt-to-equity ratio came in at 0.57x.

A significant proportion of Canadian Solar’s revenue comes from its top five customers, a structure that’s not uncommon in the industry.

Canadian Solar (CSIQ) designs its standard modules for residential, commercial, and utility markets. The company offers modules of various power outputs.

The factors that have the greatest impact on Canadian Solar’s (CSIQ) financial performance include government subsidies and economic incentives, industry and seasonal demand, and the cost of inputs.

To measure Canadian Solar ‘s(CSIQ) operating profitability, we took a look at its earnings before interest, tax, depreciation and amortization, or EBITDA.

Canadian Solar (CSIQ) derives its competitive advantage from its strategic positioning in the downstream market, its broad range of crystalline silicon solar power products, and its technology.

Canadian Solar (CSIQ) has a trailing-12-month debt-to-equity ratio of 0.37, which is similar to close peers Trina Solar (TSL) and ReneSola (SOL).

For standard modules, Canadian Solar’s (CSIQ) cells have achieved a similar output to other industry operators and a conversion efficiency in line with industry averages.

Canadian Solar (CSIQ) is vertically integrated across the solar value chain. It’s a Canada-based firm but most of its manufacturing takes place in China.

As of December 28, 2014, SunPower (SPWR) had total debt of $1.18 billion—compared to $899.4 million at the end of fiscal 2013.

There’s certainly a lot that’s positive to talk about when it comes to First Solar (FSLR), as we discussed in detail in the previous parts of this series.

While First Solar has traditionally been manufacturing thin-film CdTe modules, which don’t require polysilicon, their prices have fallen in recent years.

In this part of our series, we’ll focus on First Solar’s (FSLR) operating and financial performance. First Solar (FSLR) has multiple revenue streams.

According to the US Energy Information Administration, India’s electricity demand should grow at 3.8% per year through 2040.

Thin-film photovoltaic cells have lower efficiency of around 12–14%. However, First Solar achieved a record 17% efficiency in March 2014.

Headquartered in Tempe, Arizona, First Solar (FSLR) operates under two business segments: the Components segment and the Systems segment.

First Solar was the first solar power company to join the S&P 500 (SPY). We’ll take a look at the company’s operations before moving on to greater details.

Coal is the cheapest fossil fuel, but it’s also the most polluting. With its massive electricity generation capacity—mainly coal-fired—China emits the most carbon dioxide in the world.