Yingli Green books 278% Y/Y rise in Q3 2010 profit, lifts full-year guidance

(ADPnews) - Nov 19, 2010 - Chinese solar energy firm Yingli Green Energy Holding Co Ltd (NYSE:YGE) said today its third-quarter net profit surged 277.5% on the year to CNY 456.1 million (USD 68.7m/EUR 50.2m) and raised its margin and shipments projections for the full year.

The company said it now expects shipments to reach 1,020-1,040 MW in 2010, up from the range of 950 MW to 1,000 MW forecast earlier. The gross margin guidance was lifted to 32-32.5% from 31-32% previously, due to the strong gross margin figure through September, expanded capacity and other factors. Revenue for the full year is seen at between USD 1.78 billion (EUR 1.3bn) and USD 1.81 billion.

In addition, Yingli expects to complete a number of expansion projects in the summer of 2011 that will add 700 MW of new capacity. For late 2011, the company projects to have a nameplate capacity of 1.7 GW.

Adjusted net profit for the third quarter stood at CNY 556.6 million, up 202.1% on the year. Operating profit rose by 203% year-on-year to CNY 735.8 million. The gross margin improved to 33.3% from 22.5% a year back, mainly due to stable average selling prices and cost-cutting measures.

Revenue jumped by 47.6% to CNY 3.28 billion, on the back of higher photovoltaic (PV) module shipments, increased capacity and an improved market position.

(CNY 1.0 = USD 0.150/EUR 0.110)

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