UPDATE 1-Trina Solar slashes sales estimates

Thu Nov 3, 2011 12:26pm GMT

Nov 3 (Reuters) - China's Trina Solar Ltd slashed its sales estimates for solar panels on Thursday because of weak European demand and said declines in panel prices would shrink its profit margins.

Trina said its European customers were facing "challenging financing conditions" for projects, which hurt sales in the world's biggest solar market.

Trina said it expects to report third-quarter panel sales between 372 and 375 megawatts, well below the 480 to 520 MW it had previously forecast.

It said its full-year shipments should be around 1.4 gigawatts, well below its previous forecast of 1.75 to 1.80 GW.

Shares in Trina, which have tumbled more than 65 percent so far this year, were down less than 1 percent in premarket trading.

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