UPDATE: Yingli Green Energy Posts Downbeat Q2 Profit, Shares Fall

Shares of Yingli Green Energy Holding Co

dropped more than 5% in pre-market trading after the company reported downbeat profit for the second quarter. The company posted a quarterly net loss of RMB 285.2 million (US$46.0 million), or RMB 1.64(US$0.26) per share, versus a year-ago net loss of RMB 320.8 million, or RMB 2.05 per share. On an adjusted basis, the company lost RMB 275.0 million (US$44.3 million), or RMB 1.58 (US$0.25).per share. However, analysts were expecting a loss of $0.14 per share. Its revenue came in at 549.5 million, versus estimates of $588 million. Yingli Green posted an operating loss of RMB 85.9 million (US$13.9 million). Yingli Green's shipments were 887.9 megawatts in the second quarter. Gross margin widened to 15.6%, versus 11.8% in the year-ago quarter. As of June 30, 2014, Yingli Green had RMB 981.5 million (US$158.2 million) in cash and cash equivalents, versus RMB 1,273.2 million as of March 31, 2014. "I'm very pleased to report that we delivered another set of solid results in the second quarter of 2014 with an increase of 40.8% in our PV module shipments over the first quarter of 2014, which includes shipments for PV systems to the Company's own downstream power plants in China, and an overall gross margin of 15.6%, well in line with our previous guidance," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. Yingli Green shares fell 5.62% to $3.36 in pre-market trading.