* Posts Q1 loss of 16 cts/ADS, below analysts’ estimate
* Cuts full-year sales forecast, sees prices bottoming
* Q1 revenues slide 37 pct
Reuters – Solar power company Yingli Green Energy (YGE.N) reported an unexpected quarterly loss and cut its forecast for full-year sales, but said its margins would widen as prices for solar products bottomed out.
Yingli was the latest maker of photovoltaic solar products to post weak earnings as tight financing markets slowed the flow of funds to build new clean-energy systems.
“We believe the first quarter marked a low point for the whole industry this year, Yingli Green Energy included,” Chief Executive Liansheng Miao told a conference call.
The Baoding, China based company posted a loss of $20.7 million, or 16 cents per American depositary receipt, compared with a year-earlier profit of $31.9 million, or 25 cents per share.
Analysts had on average forecast a profit of 1 cent per share, according Reuters Estimates.
Revenue fell 37 per cent to $146.3 million.
The company said it expected to ship 450 to 500 megawatts of solar modules, down from the 550 to 600 MW it had forecast in February.
Like other solar makers, Yingli said it would see further declines in the average selling prices for solar products in the second quarter, but prices would be flat in the third quarter.
Shares of Yingli, which had surged 65 per cent so far this year, were down 10 cents, or 1 per cent, at $10.01 in early New York Stock Exchange trading. (Reporting by Matt Daily; Editing by Lisa Von Ahn)
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