Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic ("PV") manufacturers, which markets its products under the brand "Yingli Solar," has preannounced its financial results for the quarter ended June 30, 2012.
Based upon preliminary data, the Company expects its PV module shipment volumes for the second quarter of 2012 to increase by 13% to 14% over the previous quarter, compared to its previously provided guidance of an approximately 15% increase. In addition, the Company estimates its overall gross margin for the second quarter of 2012 to be a middle single digit percentage, compared to its previously provided guidance of a middle to high single digit percentage. In addition, the Company expects that its financial performance in the second quarter of 2012 will be negatively impacted by a foreign exchange loss between US$28 million to US$30 million due to the depreciation of the Euro against the RMB.
"In the second quarter, the PV industry continued to face tremendous challenges as competition intensified. However, we managed to reach our guidance for both module shipment volumes and gross margin," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "As solar electricity becomes affordable, we are seeing quickly broadening PV market and emerging demand for net metering. Furthermore, we are confident to withstand intense competition and remain a leading player in the PV industry as we achieve continuous cost reductions through the adoption of new materials and new techniques and further improvements of our operating efficiency."
As these selected estimated results are subject to the finalization of the Company's financial closing procedures, the Company's actual results may differ from its current estimates.
The Company expects to announce its unaudited financial results for the quarter ended June 30, 2012 before the market opens on August 29, 2012, and has scheduled a conference call and live webcast to discuss such unaudited financial results at 8:00 AM Eastern Daylight Time (EDT) on Wednesday, August 29, 2012, which corresponds to 8:00 PM Beijing/Hong Kong time on the same day.
