Trina Solar Limited (NYSE:TSL) released its fourth quarter earnings report before opening bell, posting earnings of 13 cents per share on revenue of $525.6 million. Analysts had been expecting losses of 2 cents per share on revenue of $543.47 million.

Trina Solar

Breaking down Trina Solar’s results

Trina Solar Limited (NYSE:TSL) reported 770.1 megawatts in solar module shipments during the quarter, compared to 774.6 megawatts in the previous quarter. Gross profits were $79.1 million, a decline of 5.2% sequentially. Cost of revenue was $446.5 million, a 4% sequentially decline. Operating income was $14.1 million, a 133.8% increase sequentially. Operating margin was 2.7%, compared to 1.1% in the previous quarter. Net income fell 3.5% to $9.6 million in the quarter.

For the full year, Trina Solar Limited (NYSE:TSL) reported about 2.58 gigawatts in PV module shipments, compared to 1.59 gigawatts in the previous year. Total net revenues for 2013 rose 281.2% to $1.77 billion. Gross margins were 12.3%, compared to 4.4% in the previous year, and operating losses were $43.8 million, a decline of 83.5% from the previous year. Losses per American Depository Share were $1.09, compared to losses of $3.77 a share in the previous year.

Trina Solar Limited (NYSE:TSL) reported a “breakthrough in cell technology” during the fourth quarter after it jointly developed an interdigitated high efficiency black contact cell in partnership with the Australian National University. That cell delivered an efficiency of 24.4%, which makes it one of the most efficient solar cells created so far.

Trina Solar looks ahead to 2014

Trina Solar Limited (NYSE:TSL) increased its guidance for production this year to 14 gigawatts. At the end of the year, the solar installation company expects to see 1.7 gigawatts in annualized in-house ingot and wafer production capacity with PV cell capacity of about 3 gigawatts. That includes capacity from Hongyuan, which Trina recently acquired, and Yabang, the company’s new joint venture

During the fourth quarter, Trina Solar Limited (NYSE:TSL) signed an agreement for a 1 gigawatt project in Xinjiang. The company also has other projects in China which are under negotiation or in the early development stages. In Europe, the company has 24 megawatts of solar power plants under construction.