Yingli Solar announces preliminary gross margin from the sale of PV modules lower than guidance

PV production at a Yingli facility
PV production at a Yingli facility

Yingli Green Energy Holding Company Limited (Baoding, China) known as “Yingli Solar,” on November 28th, 2016 announced that it plans to release its unaudited financial results for the third quarter ended September 30th, 2016, before the U.S. market opens on Thursday, December 8th, 2016.

Based upon preliminary data, the Company estimates that its solar photovoltaic (PV) module shipments in the third quarter of 2016 were in the range of 360 MW to 370 MW, which was within the range announced in the previous guidance.

The Company estimates its overall gross margin in the third quarter of 2016 was in the range of 5% to 6%, while the gross margin from the sale of PV modules was in the range of 6% to 7%, which was lower than previous guidance mainly as a result of an inventory provision that is expected to be recorded in the third quarter and an increase in the unit manufacturing cost due to a lower utilization rate of production capacity.

The preliminary, unaudited third quarter results are based on management's preliminary review of operations for the third quarter of 2016 and remain subject to change based on management's ongoing review of the third quarter results.

Yingli Solar also announced that all shareholder resolutions proposed at the Company's 2015 annual general meeting held on November 25th, 2016 were duly passed.

The shareholders passed the resolutions to re-elect Yiyu Wang and Junmin Liu as directors of the Company, and to ratify and approve the appointment of PricewaterhouseCoopers as the Company's independent auditor.

 

2016-11-29 | Courtesy: Yingli Green Energy | solarserver.com © Heindl Server GmbH

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