Trina Solar Adjusts Q4 Results To Reflect Favorable Arbitration Award

(RTTNews) - Trina Solar Limited (TSL) announced it has received US$20.4 million from a customer in an arbitration settlement involving an outstanding account balance under a solar module purchase agreement.

The arbitration fund was received subsequent to the company's fourth quarter and full year 2013 earnings results. As a result, the accounts receivable provision of US$5.7 million for bad debt previously accrued has been reversed in the fourth quarter of 2013. Consequently, related financial numbers previously stated in the fourth quarter and full year 2013 earnings release are being adjusted to reflect this event, the company said.

Trina Solar's fourth-quarter net income attributable to company was adjusted to $15.46 million, and earnings per ADS was adjusted to $0.21.