Yingli Drops After Third-Quarter Loss Exceeds Estimates
Yingli Green Energy Holding Co. (YGE), the largest solar-panel maker, fell the most in more than two weeks after reporting a loss that exceeded estimates.
Yingli’s American depository receipts dropped 11 percent to $6.20 at the close in New York, the most since Oct. 25. Each ADR is worth one ordinary share.
The company reported a net loss of $38.5 million in the third quarter, or 25 cents an ADR, compared with a loss of $153 million, or 98 cents, a year earlier, Baoding, China-based Yingli said today in a statement. Excluding some expenses including inventory provisions and amortization of some intangible assets, the 24-cent loss exceeded the 22-cent average of five analysts’ estimates compiled by Bloomberg.
Yingli reaffirmed its 2013 panel-shipment forecast of 3.2 gigawatts to 3.3 gigawatts, a gain of as much as 44 percent from last year, citing growing demand in China, the U.S. and Japan.
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