Yingli Green Energy Holding Company Limited (NYSE:YGE), a Chinese global solar panel manufacturer, announced that it plans to release its unaudited financial results for the quarter ended September 30, 2015, before the U.S. market opens on December 2, 2015.
Based upon preliminary data, the company expects that its total net revenues in the third quarter of 2015 were in the range of US$340 million to US$350 million, in line with the management’s previous estimation. In addition, Yingli Green Energy estimates that its overall gross margin in the third quarter of 2015 was in the range of 8% to 9%, increased from 6.3% in the second quarter, as a result of increase in average selling price and decrease in unit cost of PV modules. Meanwhile, Yingli estimates that its PV module shipments (excluding OEM production for third parties) in the third quarter of 2015 were in the range of 450MW to 460 MW, compared to its previous guidance of 550MW to 580MW. The lower-than-expected shipments were due to a lower-than-expected utilization of production facilities for in-house PV module.
As Yingli Green Energy announced on September 8, 2015, the company expects to recognize a non-cash impairment charge on long lived assets totaling RMB3,694.2 million (US$581.3 million) in the third quarter of 2015, which was mainly due to the lower-than-expected utilization of certain production facilities of the company in 2015.
These preliminary, unaudited third quarter results are based on management’s preliminary review of operations for the third quarter of 2015 and remain subject to change based on management’s ongoing review of the third quarter results.