Yingli Green Posts Wider Q1 Loss, But Revenue Rises

reported a wider loss for the first quarter, but the company's revenue exceeded analysts' estimates. Net loss attributable to Yingli increased to 363.2 million yuan, or $58.6 million in the latest quarter, compared to 341.8 million yuan, or $55.1 million, in the year-ago period. Loss per ordinary share and per ADS came in at RMB2.00 (US$0.32) in the quarter, versus RMB2.18 (US$0.35) in the first quarter of 2014. Its adjusted non-GAAP loss per ordinary share and per ADS came in at RMB1.94 (US$0.31). Its total revenue climbed to 2.91 billion yuan ($468.7 million) in the latest quarter, compared to 2.69 billion yuan ($432.2 million) in the year-ago period. However, analysts were expecting a loss of $0.24 per ADS on revenue of $454.60 million. The average estimate among 3 Estimize users was for a loss of $0.28 per share and revenue of $470.52 million. Its total module shipments increased to 754.2 megawatts (MW), versus 630.8 MW. Gross profit in the quarter shrank to RMB410.8 million (US$66.3 million), from RMB421.3 million in the year-ago quarter. Operating expenses declined to RMB477.2 million (US$77.0 million) from RMB550.2 million. Its operating margin came in at negative 2.3 percent in the first quarter, compared to negative 4.8 percent in the year-ago quarter. As of March 31, 2015, Yingli Green had cash and cash equivalents of RMB1,140.9 million (US$184.1 million), versus RMB1,069.1 million as of December 31, 2014. Cost of revenue jumped more than 10 percent. "We are pleased to see that shipments of PV modules in the first quarter of 2015 increased by over 19.6% year over year, marking a historically high record of first quarter growth for the Company. This record growth was highlighted by, among others, robust demand from Japan and emerging markets such as Southeast Asia and Latin America," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. For the second quarter, Yingli Greene Energy projects PV module shipments of 720MWto 750MW. The company now expects FY15 module shipments of 3.6 GW, versus earlier forecast of 3.6 GW to 3.9 GW. Yingli Green shares fell 0.93 percent to close at $1.06 yesterday.