NEW YORK (AP) -- Chinese solar panel maker Trina Solar said Wednesday that its first-quarter loss widened as solar module shipments dropped.
Its results missed Wall Street's expectations. Shares dropped 11 percent in midday trading.
Solar companies have suffered a steep drop in prices for their products after an aggressive push by China into the market, increasing supply even as European governments cut back on solar subsidies. Trina Solar hasn't posted a yearly profit since 2010, and analysts polled by FactSet expect annual losses through 2015.
For the three months ended March 31, Trina Solar lost $63.7 million, or 90 cents per American depositary share. A year earlier it lost $29.8 million, or 42 cents per ADS.
Analysts predicted a smaller loss of 71 cents per ADS.
Chairman and CEO Jifan Gao said in a statement that the average selling price of modules continued to decline in the quarter because of supply-demand imbalance, but that the rate of decline slowed from prior quarters.
Revenue fell 4 percent to $260.2 million from $249.9 million, missing Wall Street's estimate of $292.8 million.
Solar modules shipments declined to 392.6 megawatts from 380 MW a year ago.
Trina Solar Ltd. maintained its forecast for full-year PV module shipments between 2 gigawatts and 2.1 GW. For the second quarter, the company foresees shipments between 500 MW and 530 MW.
Trina Solar's stock fell 75 cents, or 11.2 percent, to $6.04 in midday trading. Over the past year, the shares have traded in a range of $2.04 to $8.47.
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