Stock of Yingli Solar Up 5% After Quarterly Results
The global supplier of solar panels announced an increase in revenue and a shrinking net loss, driving its stock to inch up 5 percent.
Shares of Yingli Green Energy Holding Company Ltd. (NYSE: YGE) grew nearly 5 percent today after the company announced that its fourth-quarter revenue grew to $349.4 million, up 12 percent from the same period last year.
The net loss for the final quarter shrank to $75.6 million, or $4.20 per American depositary share, compared with a loss of $294.1 million, or $16.34 per ADS, for the same period in 2016.
The Baoding-based company, which makes solar panels, said the increase in revenue was mainly due to larger photovoltaic (PV), or solar cell, module sales and shipments. The shipments were 837.9 megawatts (MW), a 32-percent increase from the fourth quarter of 2016.
The company's revenue remained flat at $1.3 billion in 2017 compared with the year before.
Yingli said its shipments in the current quarter would be well below its fourth quarter levels with PV module shipments in this year's first three months ranging between 400 MW and 420 MW.
Yingli, also known as "Yingli Solar," was founded in 1998 and is among the top global solar panel makers. The company has more than 30 regional subsidiaries and branch offices and has produced more than 85 million solar panels for homes, businesses, and power plants.
In 2010, Yingli became the first Chinese company, and the first renewable energy company, to sponsor the FIFA World Cup, and it also backed the 2014 FIFA World Cup in Brazil.
Shares in the company increased 4.5 percent to $1.86 in New York trading.