May 20, 2011
Yingli Green Energy Holding Company Limited (NYSE:YGE) reported Q1 EPS of $0.38 today, just missing the consensus estimate for $0.39 per share. Revenue for the quarter grew 41% year-over-year to $527.31 million, well under the consensus estimate for $573.46 million.
Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy commented, "In the first quarter of 2011, we experienced a sudden demand slowdown in Europe, primarily due to the uncertainties relating to the feed-in-tariff policy change in Italy and the severe winter season conditions in Germany. However, despite a lower than expected shipment in the past quarter, we remain confident to accomplish our full year shipment guidance of 1.7 to 1.75 GW through continuously optimized global sales strategies."
Based on current market and operating conditions, estimated production capacity and forecasted customer demand, Yingli reaffirmed its PV module shipment target to be in the range of 1,700 MW to 1,750 MW for fiscal year 2011, which represents an increase of 60.1% to 64.8% compared to fiscal year 2010.
Yingli Green Energy has a potential upside of 33.5% based on a current price of $9.96 and an average consensus analyst price target of $13.29.
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