Yingli Green Energy 3Q Profit Drops 12 Pct

NEW YORK (AP) — Yingli Green Energy Holding Co. on Friday reported a 12 percent decline in its third-quarter earnings, as record-high shipments failed to completely offset the effect of weak prices.

But the Chinese solar cell maker offered a strong outlook for full-year shipments and margins, sending shares sharply higher.

Prices of solar cells have been hurt by weaker prices for polysilicon. Polysilicon is a key ingredient used in the making of solar cells.

Yingli's quarterly earnings fell to 187.4 million renminbi ($27.5 million), or 0.79 renminbi (12 cents) per American Depository Share, compared with 212.2 million renminbi, or 1.14 renminbi per ADS, during the same period last year. Excluding special items, adjusted earnings amounted to 1.2 renminbi (18 cents) per ADS in the latest quarter.

Analysts polled by Thomson Reuters estimated a profit of 16 cents per share. Analysts typically exclude one-time items.

Revenue edged up to 2.23 billion renminbi ($326 million) from 2.21 billion renminbi. Analysts forecast revenue of $331.2 million.