Yingli Green Energy, a leading vertically integrated photovoltaic manufacturer, has earned revenues of US$596.3 million for the quarter ended September 30, 2013. Net loss was US$38.5 million.
Total PV module shipments (including shipments for PV systems) increased by 5.1 percent from the second quarter of 2013.
Overall gross profit was US$81.5 million, representing a gross margin of 13.7 percent while operating loss was US$11.5 million, representing an operating margin of negative 1.9 percent.
The sequential increase in net revenues from the second quarter of 2013 was mainly driven by the growth in total PV module shipments and stable average selling price in this quarter, the company said.
“We are delighted to see a continued rapid growth in demand from China, the United States, Japan and other emerging PV markets in the third quarter, driving our shipments to another historical high,” said Liansheng Miao, chairman and chief executive officer of Yingli Green Energy.
“Due to the stabilized average selling price of PV modules and the Company’s unwavering focus on bringing costs down, our gross margin in the third quarter increased to 13.7 percent from 11.8 percent in the second quarter, exceeding our previous guidance of 11 percent to 13 percent,” Miao added.
While European markets continued to make adjustments under the new Undertaking Agreement with higher average selling prices combined with softer demand in the third quarter of 2013, shipments into China and the Americas accounted for more than half of our total shipments for the first time in our history.
As project developers accelerated construction of utility scale projects in China due to the adjustment of feed-in tariff, sales to China accounted for 38 percent of our total shipments in the third quarter, compared to 28 percent in the previous quarter.
Meanwhile, shipments to the U.S. market as a percentage exceeded that to the European market as grid parity became achievable in more states in the U.S. and there was also rapid growth in the distributed generation segment.
Likewise, shipment to Japan rose by 35 percent compared to previous quarter due to strong demand for high quality PV modules. Demand from other emerging markets also grew rapidly throughout all segments, both commercial and residential.
“Based on the current robust market demand and the strengthening of the geographic diversification of our products, we are confident to achieve our shipments guidance for the full year of 2013,” Miao said.
Based on current market and operating conditions, estimated production capacity and forecasted customer demand, Yingli Green Energy reiterates its PV module shipment target to be in the estimated range of 3.2 GW to 3.3 GW for fiscal year 2013, which represents an increase of 39.4 percent to 43.7 percent compared to fiscal year 2012.