Yingli Beats Estimates $YGE
Yingli Green Energy (YGE) reported a Q2 non GAAP EPS of $0.21, 6 cents better than the analyst estimate of $0.19 on revenue of $398.1 million, vs the estimate of $371.13million. That represents a 62% increase over the year ago EPS numberand an 82% jump in revenue, so a real nice quarter from Yingli. Grossmargins reached a record high 33.5% in the quarter.
Here are some highlights of comments made by CEO Liansheng Miao:
- The 2010 FIFA World Cup sponsorship has made a huge splash. .. haseffectively boosted our brand recognition both within and outside of the conventional solar community, which is expected to greatly enhance ourcompetitive advantages in this new era.
- We have commenced initial production of 300 MW PANDA highefficiency solar cells in July 2010, and successfully enhanced PANDAcell conversion efficiency rate to 19% on the pilot line, and havekicked off collaboration with Innovalight to boost the averageefficiency of our multicrystalline silicon based solar cells.
- Fine Silicon, our polysilicon manufacturing facility with adesigned annual production capacity of 3,000 metric tons, hassuccessfully commenced commercial operation since earlier this month.
- In Europe, we are fully stretched to satisfy our existingcustomer base and to continue to attract new customers in high growthemerging markets such as France, Italy, Czech Republic, Greece and theUnited Kingdom.
- In North America, our sales network has expanded into 18 states in the U.S., as well as Canada and the Caribbean, and we have becomethe leading supplier of PV modules in New Jersey and California. We have also been making progress in the rooftop and ground mounted segmentsand were recently selected for a number of high profile projects on both the West and the East Coasts.
- In China, we are enhancing our strategic cooperativerelationships with utility companies in various concession biddingprojects in order to further expand our footprints.”
Business Outlook for Full Year 2010
Looking ahead, Yingli reaffirms its PV module shipment target tobe in the estimated range of 950 MW to 1 GW for 2010, which representsan increase of 80.8% to 90.4% compared to fiscal year 2009. They havealso raised the gross margin estimate from 27 – 29% to 28 – 30%.
Shares of YGE are trading flat today and are still working on carving out a new base which began in January.
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