Yingli Beats Estimates, Shares Drop
Yingli Green Energy (YGE) has posted better than expected results ahead of the bell this morning. The company is back to profitable on a non GAAP basis, reporting.14/share vs the estimates for .04/share. Revenues also toppedexpectations at $219.5 million vs the Wall St estimate of $213.5million. That’s about in line with the quarter over quarter revenuedecrease of last quarter, but sequentially the revenues are muchbetter, which is a trend we’ve seen in many of the solar names.
The CEO commented on the better than expected quarter:
“The primary factors driving these numbers were the improvedglobal PV project financing environment and pickup in demand for PVproducts in existing solar markets, especially Germany. Thisperformance was also a result of our efforts to diversify our customerportfolio, enhance our sales channels and strengthen our customerservice in key emerging solar markets such as the U.S., China, Italy,South Korea and France.”
Looking ahead, the company is reaffirming its PV moduleshipment target for the full year 09 at 450 – 500MW and estimates grossmargins in the range of 18 -20%.
It looks like the report isn’t being received well in premarkettrading. The stock is down about 10% and the overall weakness in theChina market isn’t helping.
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