Yingli Green Energy Holding Co Ltd.’s third-quarter sales missed estimates as shipments were lower than previous guidance.
The Baoding, China-based company, which was the biggest solar panel maker until last year, said its preliminary revenue was $340 million to $350 million. The mean estimate from analysts was $355.3 million, according to data compiled by Bloomberg.
Yingli shipped 450 megawatts to 460 megawatts this quarter, which was lower than of its previous guidance of 550 to 580 megawatts. It said that its margins increased by up to 2.7 percentage points from because of a drop in production costs and an increase in its average selling price.
If the preliminary results are confirmed, it will mark the 17th consecutive quarterly loss for the Chinese manufacturer, which has struggled to be profitable since the cost of solar panels plummeted. The price of solar photovoltaic installations have fallen by nearly 60 percent in the past five years, data from Bloomberg New Energy Finance show.
Yingli also said that it expects to recognize a $581 million non-cash charge to write down the value of long-lived assets because it’s producing less than it had expected from its factories.