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

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** charts after earnings **

 

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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.

Yingli Green Energy (YGE) reported earnings Wed 2 Dec 2015 (before open)

** charts after earnings **

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.