Trina Solar (TSL) smashed analyst estimates and reported another quarter of strong quarter over quarter growth, but shares are trading down after being up initially.  The company reported an EPS of $1.52 on revenues of $642 million vs the analyst estimate for just $1.09 in EPS on revenues of $525 million.  Solar shipments were more than 15% higher than the company previously estimated.

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

CEO Jifan Gao commented: “In a year of industry-wide ASP declines which made PV systems more affordable, our shipment volume and revenue more than doubled year over year and we continued to increase margins. This was achieved through our relentless drive for manufacturing and supply chain efficiency, increased local sales and expanded global support operations. Additionally, despite significant capacity expansion in 2010, we further strengthened our balance sheet over 2009 through our continued focus on maintaining positive operational cashflows."

Looking ahead, Trina Solar expects shipments for this quarter to be slightly higher than the 351MW it shipped in Q4 and for the full year expects shipments between 1.75 – 1.80GW which would be a 65 – 70% increase over last year.

Shares of TSL are approaching and could very well retest the 2010 high up around the $32 level.  A firm breakout and hold above that level would signal a very bullish move in TSL.  It’s a bit in no man’s land here, so not a great entry point.