BAODING, China, November 7, 2011 /PRNewswire-Asia-FirstCall/ -- 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," today updated its guidance for the third quarter of 2011.
Based upon preliminary data, the Company now expects its PV module shipments for the third quarter of 2011 to increase by a low twenties percentage quarter over quarter, compared to its previously provided guidance of a high twenties percentage increase in shipments quarter over quarter.
Also the Company estimates its overall gross margin for the third quarter of 2011, including a non-cash inventory provision of approximately USD$40 million, to be in the range of 10% to 11%, compared to its previously provided guidance of a middle to high-teen percentage. Excluding the non-cash inventory provision, the Company estimates that its overall gross margin would be in the range of 16% to 17%.
Additionally, based on current market and operating conditions, estimated production capacity and forecasted customer demand, the Company revises its PV module shipment target to be in the estimated range of 1,580 MW to 1,630 MW for fiscal year 2011, compared to the Company's previously provided guidance of between 1,700 MW to 1,750 MW.
The Company has scheduled a conference call and live webcast to discuss its unaudited financial results for the quarter ended September 30, 2011, at 8:00 AM Eastern Standard Time (EST) on Wednesday, November 23, 2011, which corresponds to 9:00 PM Beijing/Hong Kong time on the same day.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), which markets its products under the brand "Yingli Solar," is a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers. Yingli Green Energy's manufacturing covers the entire photovoltaic value chain, from the production of polysilicon through ingot casting and wafering, to solar cell production and module assembly. Currently, Yingli Green Energy maintains a balanced vertically integrated production capacity of over 1 GW per year. Two capacity expansion projects of 600 MW and 100 MW are under construction in Baoding and Hainan, respectively, which are expected to start initial production in the middle of 2011 and will increase the Company's total nameplate capacity to 1.7 GW in late 2011. In addition, Yingli Green Energy's in-house polysilicon plant, Fine Silicon, which has a designed annual production capacity of 3,000 metric tons, has successfully started commercial operation in early August 2010. Yingli Green Energy distributes its photovoltaic modules to a wide range of markets, including Germany, Spain, Italy, Greece, France, South Korea, China and the United States. Headquartered in Baoding, China, Yingli Green Energy has more than 11,000 employees and more than 10 subsidiaries and branch offices worldwide. Yingli Green Energy is publicly listed on the New York Stock Exchange (NYSE: YGE). For more information, please visit http://www.yinglisolar.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yingli Green Energy's control, which may cause Yingli Green Energy's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in Yingli Green Energy's filings with the U.S. Securities and Exchange Commission. Yingli Green Energy does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For further information, please contact:
Qing Miao
Director of Investor Relations
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
Email: ir@yinglisolar.com
