Yingli Green Turns To Profit In Q1; Sees Sequentially Higher Shipments In Q2

(RTTNews) - China-based solar panel maker Yingli Green Energy Holding Co. Ltd (YGE) reported Tuesday first-quarter net income of 79.6 million Chinese yuan or $12.3 million, compared to net loss of 363.2 million yuan last year. Earnings per ADS was RMB4.4 or $0.7 in the first quarter of 2016, compared to loss per ADS of RMB20.0 in the first quarter of 2015.

On an adjusted basis, adjusted net income was 73.3 million yuan or $11.4 million, compared to adjusted net loss of 353.0 million yuan last year. Adjusted earnings per ADS was RMB4.0 or $0.6, compared adjusted loss per ADS of RMB 19.4 in 2015.

Total net revenues were 2.35 billion yuan or $364.6 million, compared to 2.91 billion yuan last year.

Total PV module shipments were 508.1 MW in the first quarter of 2016, compared to 754.2MW in the first quarter of 2015.

Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy, said, "We are glad to announce that we achieved profitability in the first quarter of 2016, which was our first profitable quarter since the third quarter of 2011."

Looking ahead, for the second quarter, the Company expects its PV module shipments to be in the estimated range of 580MW to 620MW. The Company also expects its gross margin in the second quarter to be in the estimated range of 18% to 20%.