Trina Solar (TSL) beat earnings estimates this morning reporting a Q2 EPS of $0.52, 3 cents better than the analyst estimate of $0.49 on revenue of $370.8 million, vs the estimate of $336.8 million.  While the numbers beat estimates, the sequential and quarter over quarter growth isn’t impressive.  The EPS number is well below last quarter’s .87 and about flat over the year ago quarter EPS of .50 despite revenue more than doubling over that period.

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On the shipments and margins fronts, the company shipped 223MW which was above previous guidance of 200 – 205MW.  Gross margins also beat the company’s expectations coming in at 32% vs the expectation of margins in the high 20’s.  Forex losses continued this quarter and contributed a loss of .37/share, but that was less than last quarter’s loss of .66/share due to forex.

Here are some highlights of comments made by CEO Jifan Gao:

“Our high quality products, well-recognized brand and customer loyalties allowed us to expand shipments to an increasing number of geographical end-markets and PV user segments. In addition to growing our business in Australia and Southeast Asia, we had notable successes in the United States. “

“We see increasing evidence that strong demand for our PV products will extend well into 2011, and we are currently looking into how best to manage capacity expansion to capture increasing global market opportunities.”

Looking ahead, the company sees shipments increasing again next quarter to between 250 – 260MW and for the full year to come in around 900 – 930MW which is well ahead of previous guidance of 750 – 800MW.

Shares of TSL are under a bit of pressure in pre-market trading, down 3%.  Technically, the stock remains fairly strong and while it nudged below support of the 200 day moving average yesterday, still has support around the 50 day moving average just above $21.  It’s important that the stock retain that level of support to remain bullish.