Yingli Green Energy beats by $0.03, beats on revs (limited coverage), misses shipment guidance; lowers shipment guidance :
- Reports Q3 (Sep) loss of $0.37 per share, $0.03 better than the two analyst estimate of ($0.40); rev 34% to RMB2.23 bln or $351.5 mln vs. $333.5 mln consensus.
- Shipments 460.4 MW vs. 550-580 MW guidance.
- The decrease in total net revenues in the third quarter of 2015 compared to the second quarter of 2015 was mainly due to decreased PV module shipments, which was primarily due to the Company's lower utilization of its production capacity for its in-house PV modules.
- Lowers FY15 shipment guidance to 2.35-2.4 GW from 2.5-2.8 GW.
- Due to China's nationwide delay in subsidy allocation, long-term operation of large ground-mounted PV stations would require significant capital, and in consideration of the Company's cash flow challenges, the co decided to suspend the downstream development business in China since Sept 2015 until its recovery to a healthy financial position and continued to accelerate the disposition of downstream assets held by the co in order to collect funds related to downstream business. As of the date of this press release, the co has sold a total of ~115MW of PV projects and is negotiating with certain leading corporations in China for the sale of a total of ~200MW of PV projects.
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