Yingli Green Energy Holding Co. (YGE) swung back to a fourth-quarter
profit after a large write-down in the prior year as solar demand continued to
surge for the manufacturer, especially in
Europe
.
Solar companies--especially those in
China
and
Taiwan
--have
benefited recently as global demand has rebounded and prices have remained low
compared with
U.S.
and
European rivals. Many manufacturers have increased production to keep up with
surging demand.
Shares of solar-power companies including Yingli jumped last month after German
regulators reached an agreement with industry groups to impose subsidy cuts
that were less drastic than initially feared.
Germany
consumed about half of the world's solar panels in 2010.
For the full year, the company said it expects to ship 60.1% to 64.8% more
photovoltaic capacity in 2011.
The company reported a profit of CNY554.4 million ($84 million), or CNY3.46 an
ADS, compared with a prior-year loss of CNY117.2 million, or CNY0.79 an ADS. Excluding
write-downs, share-based compensation and other items, earnings rose to CNY3.73
(57 cents) from a profit of CNY0.42 the prior-year, which was hurt by a large write-down.
Revenue jumped 61% to CNY4.07 billion ($616.1 million).
Analysts polled by Thomson Reuters most recently forecast a per-share profit of
44 cents on revenue of $546 million.
The currency conversions are based on exchange rates as of Dec. 31.
Gross margin improved to 32.9% from 29.7%.
Shipments rose 22% from the third quarter.
American Depositary Shares closed at $12.84 Thursday and were inactive
premarket. They have
climbed 30% year-to-date.