Earnings Report: Yingli Green Energy Holding Co. Ltd. Reports Q1 Results YGE:building energy efficiency

May 24th, 2010 |

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wind powerwind energy 05/24/2010 - Yingli Green Energy Holding Co. Ltd. (NYSE:YGE) reported Q1 results before the opening bell Monday, showing total net revenue of the US equivalent of $358.9 million. Gross margin was 33.3% and gross profit was $119.5 US Net income was $28.0 million US, or $0.18 per share. Non-GAAP income was $36.2 million US, or $0.23 per share. "We are pleased to announce that our first quarter gross margin reached a record high of 33.3%, as we continued to focus on balancing profitability with market share expansion," said chairman and CEO Liansheng Miao. "Driving this performance, our PV module shipment volume grew significantly year-over-year and remained stable quarter-over-quarter despite seasonality. We attribute these achievements primarily to Yingli's industry-leading brand recognition and cost advantage, and our vigorous sales and marketing efforts, including our sponsorship of the 2010 FIFA World Cup South Africa, which has helped us diversify our customer portfolio across different regions. Looking ahead, to strengthen our leadership in the global solar market we will continue to focus on improving cell efficiency and yield rates across the integrated value chain while reducing costs, increasing the diversity of our customer base, securing new long-term and strategic partnerships, strengthening our risk control capabilities across different regions and assuring the quality of our products by cooperating with leading partners... With a strong quarter behind us and ...energy efficiency program

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