Yingli Green Energy Holding Co.'s (YGE) third-quarter earnings soared as the Chinese solar-panel company's revenue and margins rose sharply amid an ongoing rebound in the sector.

Results beat analysts' expectations, and the company raised 2010 gross-margin and shipment targets.

The solar industry has seen a sharp rebound in demand this year, with many solar-product makers increasing their manufacturing capacity in an attempt to keep up. Yingli last month unveiled two expansion projects that combined are expected to nearly double the company's manufacturing capacity.

Meanwhile, solar companies--Chinese ones in particular--have benefited as prices have been low compared with U.S. and European rivals. However, with government support for solar power set to decline in many key markets by early next year, demand and prices may suffer.

Yingli reported a profit of CNY456.1 million ($68.2 million), or CNY2.92 an American depositary share, up from CNY120.8 million, or CNY0.79 an ADS, a year earlier. Excluding items such as convertible-note impacts, earnings tripled to CNY3.57 (53 cents) as revenue jumped 48% to CNY3.28 billion ($490.9 million).

Analysts polled by Thomson Reuters most recently forecast earnings of 35 cents on revenue of $478.2 million.

The currency conversions are based on prices as of Sept. 30.

Gross margin jumped to 33.3% from 22.5%, exceeding estimates, mostly on "firm" average selling prices and cost cutting.

Yingli's ADS closed Thursday at $10.73 and were inactive premarket. They are down 32% this year after more than doubling in 2009.
Ακολουθήστε το energia.gr στο Google News!Παρακολουθήστε τις εξελίξεις με την υπογραφη εγκυρότητας του energia.gr

Διαβάστε ακόμα