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Solar panel manufacturer Yingli Green Energy Holding Company Ltd. YGE, or Yingli Solar, reported operating loss of 37 cents per American Depositary Share (“ADS”) in third-quarter 2015, wider than the Zacks Consensus Estimate of a loss of 27 cents. Also, the reported loss was wider than the year-ago figure of 10 cents per share.

Revenues

Total revenue was $351.5 million, down 36.3% from the third quarter of 2014. Revenues also missed the Zacks Consensus Estimate of $407 million.

Highlights of the Release

Total PV module shipments were 460.4 megawatts (“MW”) in the third quarter of 2015, compared to 903.4MW in the third quarter of 2014.

Gross margin in the reported quarter dropped 490 basis points year over year to 16%. Operating expenses decreased to $66.9 million from $82.5 million in the third quarter of 2014.

Operating loss in the third quarter of 2015 was $450.5 million, compared to operating income of $32.5 million in the year-ago quarter.

Interest expenses were $39.7 million in the reported quarter, compared with $42.9 million in the year-ago period.

Financial Highlights

The company had cash & cash equivalents of $115.6 million as of Sep 30, 2015 compared with $387 million as of Dec 31, 2014.

Long-term debt excluding current portion was $321.6 million as of Sep 30, 2015, down from $460.7 million as of Dec 31, 2014.

Guidance

For the fourth quarter of 2015, Yingli Green expects PV module shipments in the range of 420–440 MW. For the full year, the company expects PV shipment to be approximately 2.35–2.45 gigawatts.

Other Solar Company Releases

First Solar Inc. FSLR reported adjusted third-quarter 2015 earnings of $3.38 per share, which swept past the Zacks Consensus Estimate of $1.55 by 118.1%.

SunPower Corp. SPWR reported third-quarter 2015 adjusted earnings per share of 3 cents (adjusted for 44 cents of non-recurring items), lagging the Zacks Consensus Estimate of 14 cents by 78.6%. Reported earnings also plunged 88% from the year-ago figure of 25 cents.

Canadian Solar Inc. CSIQ reported third-quarter 2015 earnings of 79 cents per share, comfortably beating the Zacks Consensus Estimate of 27 cents by 192.6%.

Our View

Yingli Solar, one of the world’s leading solar panel manufacturers, expects global PV demand to show healthy growth, going ahead.

Importantly, the company has failed to generate profits since 2011. In this scenario, the company will find it difficult, if not impossible, to pay down its outstanding debt, thereby resulting in cross-defaults, putting it at liquidation risk.

Yingli Solar is nevertheless working to return to profitability by lowering its operating expenses and manufacturing costs.

• [Editor:tianyawei]