Yingli (YGE) is reiterating its full-year module shipment guidance of 3.2GW-3.3GW. Given Yingli's big YTD gains, as well as recent guidance hikes from other Chinese solar names, investors may have wanted more.
Thanks to stabilizing module prices and cost cuts, Q3 gross margin was 13.7%. That figure exceeds guidance of 11%-13%, and is up from 11.8% in Q2 and -22.7% a year ago.
Chinese sales made up 38% of revenue, up from 28% in Q2, shipments to high-margin Japan (rising for many Chinese solar names) rose 35% Q/Q, and U.S. sales eclipsed European sales. European demand declined due to the import quota agreement reached between China and the EU. Chinese + U.S. sales equaled over half of revenue for the first time.
Solar system sales jumped 368% Q/Q. Chinese module vendors are increasingly joining their U.S. peers in expanding into solar project sales.
Due to higher R&D and G&A spend, opex was $93M, +8% Q/Q and +34% Y/Y.
Yingli's cash balance fell to $442.7M from $591M at the end of Q2. However, debt fell to $2.6B from $2.8B.
Q3 results, PR