Yingli Green Energy
Yingli Green Energy is a vertically integrated photovoltaic (PV) manufacturer that makes polysilicon wafers and ingots that it uses to create PV cells and modules, which it incorporates into solar energy systems that turn sunlight into clean energy. The company, with an annual production capacity of 200 megawatts of polysilicon ingots and wafers, 200 megawatts of PV cells, and 200 megawatts of PV modules, is one of the few companies in China involved in all stages of PV manufacturing, sales, and installation. Yingli Green Energy gets more than 90% of its sales in Europe, primarily from Germany and Spain.
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Yingli Green Energy beats Q2 estimates
Maker of photovoltaic (PV) modules Yingli Green Energy (NYSE:YGE) said that despite a decline in prices, net income popped in the second-quarter, spurred by higher PV shipments, beating market expectations.
The China-based company's shares climbed 18 cents, or 3.20%, to $5.81 Friday on the New York Stock Exchange.
For the three months ending June 30, sales surged 62.9% to $680.6 million, above the $614 million analysts had expected.
Net income rose to $58.1 million, or 36 cents per American depository share (ADS), up from $32.1 million, or 21 cents per ADS, a year ago.
This latest quarter included a foreign exchange gain of $5.5 million, the company said.
On an adjusted basis, profits logged in at $54.8 million, or 34 cents per ADS share. That topped analyst estimates of 27 cents per share by a wide margin.
"The increased shipments were primarily attributable to the improved market conditions, solid management execution and our diversified customer portfolio," said CEO Liansheng Miao in a statement.
However, quarterly gross margin dropped to 22.1% from 33.5% a year earlier, which the company attributed to a decline in average selling prices.
During the Intersolar Europe conference in June, the company saw a sign of demand recovery was triggered by the drop of module price, it said.
On the cost side, operating expenses shot up to $68.7 million, up from $53 million a year earlier, as the company spent more cash on research and development to improve cell conversion and yield rates.
For the first half of 2011, it also said it gained 46 new customers who contributed about 90 megawatts of PV module shipments. Yingli Green stood by its full-year 2011 PV module shipment guidance of about 1,700 to 1,750 megawatts.
During the quarter, the company brought online 700 megawatt capacity, including 600 megawatts at its Baoding headquarters, plus 100 megawatts in Hainan province.
Other Yingli Green Energy news
- Yingli Green Energy to post disappointing first quarter shipments, gross margin
2011-05-11 - Yingli Green Energy to second quarter profit
2010-08-20 - Yingli signs RMB1.2bn solar production agreement in Hainan province
2009-07-21 - Piper Jaffray reiterates "Buy" rating on Yingli Green Energy
2009-06-30 - Yingli Green Energy subsidiaries receive RMB420m loans
2009-03-07
