Yingli Green Energy Holding Co. (YGE) recovered from a prior-year loss in the second quarter caused by derivatives impacts and debt-extinguishment losses as the Chinese solar-products maker saw demand rebound sharply.
Yingli Green Energy Holding Co. (YGE) recovered from a prior-year loss
in the second quarter caused by derivatives impacts and debt-extinguishment
losses as the Chinese solar-products maker saw demand rebound sharply.
The results beat analysts' expectations and its American depositary shares were
up 3% in light premarket trading at $11.59. They were down 29% this year
through Wednesday.
The solar industry continues to rebound from weak demand last year, with many
companies reporting stronger results in the latest quarter. The sector is
likely to benefit from major projects planned by
China
, as
well as rising demand in the
U.S.
and
abroad as falling prices and clean-energy requirements generate greater
interest. A number of companies have been expanding production capacity as a
result.
Yingli reported a profit of CNY217.8 million ($32.1 million), or CNY1.41
($0.21) an American depositary share, compared with a prior-year loss of
CNY393.7 million, or CNY3.03 an ADS. Excluding items such as
debt-extinguishment and derivative impacts, earnings rose to CNY1.69 ($0.25)
from CNY0.91.
Revenue surged 80% to CNY2.7 billion ($398.1 million) after a prior-year drop
of 25%.
Analysts polled by Thomson Reuters most recently forecast earnings of 19 cents
on revenue of $371 million.
Currency conversions are based on prices as of June 30.
Gross margin jumped to 33.5% from 19.8% on the revenue surge. Yingli Green
boosted its target for the year by one percentage point as it reiterated its
shipment target.
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