Chinese solar PV maker Trina Solar Ltd. (NYSE: TSL) reported fourth-quarter and full-year 2013 results before markets opened on Tuesday. The company posted diluted earnings per ADS of $0.13, a penny below its third-quarter earnings, but much better than the $0.02 per share loss analysts were expecting. Revenues fell quarter-over-quarter to $525.64 million, which was well below the consensus estimate of $543.37 million.

The interesting thing about Trina Solar’s quarterly results is how the mix changed from the third quarter to the fourth quarter. In the third quarter, Trina reported operating income of $6.03 million and net income of $9.9 million. The company reported a currency exchange gain of more than $8 million, other income of nearly $3 million and tax benefit of $4.9 million. Operations had a limited influence on profits.

In the fourth quarter, operating income came in at $14.1 million and net income totaled $9.76 million. But the foreign exchange gain was just $1.06 million, other income totaled just $729 million and the tax benefit came in at $1.13 million. Operations clearly drove profits.

Trina Solar shares were up nearly 10%, at $16.20 in a 52-week range of $3.31 to $17.84. The consensus price target from Thomson/First Call is around $18.75.

It may be too early to declare a successful turnaround, but combined with the company’s forecast shipment growth in 2014, Trina Solar appears to be pointed in the right direction if it can just get those revenues to rise.

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