Yingli Green Energy Q1 Loss Narrows; Backs 2014 PV Module Shipment Outlook

(RTTNews) - Yingli Green Energy Holding Company Limited (YGE) said that its net loss attributable to the company for the first quarter of 2014 narrowed to RMB 341.8 million or $55.0 million from RMB 611.8 million in the first quarter of 2013. Loss per ordinary share and per ADS was RMB 2.18 or $0.35, compared to a loss of RMB 3.91 in the prior year.

On a non-GAAP basis, net loss attributable to the company was RMB 338.5 million or $54.5 million, compared to a loss of RMB 607.1 million in the year ago quarter. Adjusted non-GAAP loss per ordinary share and per ADS was RMB 2.16 or $0.35, compared to a loss of RMB 3.88 in the previous year.

Total net revenues for the quarter were RMB 2.687 billion or $432.2 million, compared to RMB 2.679 billion last year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.24 per share and revenues of $464.04 million for the quarter. Analysts' estimates typically exclude special items.

The company reiterated its PV module shipment target to be in the estimated range of 4.0GW to 4.2GW (including 400-600MW shipment for PV systems) for fiscal year 2014, which represents an increase of 23.7% to 29.9% compared to fiscal year 2013.

The company expects to develop approximately 400MW to 600MW of PV projects by the end of 2014, based on the current project development status and the expectation of progress of project pipelines.