Widespread Declines Force Yingli Green Energy To Cut Full-Year Shipping Guidance
China’s Yingli Green Energy has reported widespread losses in its second quarterly earnings, forcing the company to slash its full-year shipping guidance.
One of the world’s major tier-1 solar PV manufacturers, Yingli Green Energy has seen continued declines in revenue and shipping over the last year. For the second quarter, Yingli Green reported net revenues of RMB2,716.1 million ($438.1 million), down from RMB2,905.8 million in the first quarter of 2015 and RMB3,408.9 million in the second quarter of 2014.
Total PV shipments were down to 727.9 MW in Q2’15, compared to 754.2 MW in the first quarter of 2015, and 887.9 MW in Q2’14.
“The Company achieved a PV module shipment volume of 727.9 MW in the second quarter, which made our cumulative PV module deliveries exceed 14 GW worldwide since our inception.” commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy.
Mr Miao also attempted to point out some of the few bright spots the company was able to achieve in the quarter.
“During the second quarter of 2015, our shipments to China and the US grew significantly and increased by 110% and 35%, respectively, compared to the first quarter of 2015,” he said. “Due to our continuous efforts in market diversification, our shipments to emerging markets, such as Northern and Southern Africa, Central and Southern Asia, Middle East and Latin America, continued to make remarkable progresses.”
Yingli Green Energy’s gross profit was RMB171.0 million ($27.6 million) in Q2, compared to RMB410.8 million in Q1’15 and RMB532.1 million in Q2’14. The company’s net loss reached RMB598.1 million ($96.5 million), compared to RMB363.2 million in the first quarter of 2015 and RMB285.2 million in the second quarter of 2014, and with a loss per ordinary share and per ADS of RMB3.29 ($0.53).
All of this led to Yingli Green adjusting its full-year shipping guidance down dramatically. In their first quarter earnings report, Yingli Green predicted that total PV module shipments for the full-year would be approximately 3.6 GW. A quarter later, and that figure has been slashed to between 2.5 GW and 2.8 GW.
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