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," 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.