Yingli Green Energy (YGE) reported earnings Tue 14 June 2016 (b/o)

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Yingli Green Energy Holding Co. became the last major solar-panel maker to recover from an industrywide glut, returning to profit for the first time in five years by focusing on wider profit margins to stave off bankruptcy.

The Chinese manufacturer, which missed payments on 1.76 billion yuan ($268 million) of notes due in May, reported 79.6 million yuan net income in the first quarter compared with a net loss of 363 million yuan a year ago, according to a statement. Its gross margin was 20 percent, a level it expects to maintain with guidance for a 14 percent increase in shipments in the second quarter.


Yingli was the world’s biggest photovoltaic panel maker until it was surpassed by Trina Solar Ltd. in 2014. It grew through an expansion binge that was part of a wave of Chinese manufacturers that flooded the market with low-cost equipment. Founder and Chairman Liansheng Miao has had to personally guarantee some of Yingli’s debt to keep the company afloat. A creditors meeting is scheduled for June 17.