Mixed Q2 results from Chinese manufacturers02. August 2012 | Markets & Trends, Global PV markets | By: Jonathan Gifford
Preannouncements of financial results in Q2 have revealed a mixed bag from Chinese manufacturers, which are facing tariffs on their products in the U.S. and potential anti-dumping measures in the E.U.
Yingli released preliminary results for Q2 today, which reveal that the company has met its module shipment volume guidance and come in on the lower end of guidance for gross margin. The company also revealed that its overall performance will be hampered by a foreign exchange loss of around US$30 million.
In a statement announcing the results, chairman and CEO of Yingli Green Energy, Liansheng Miao commented that the photovoltaic market is broadening. "In the second quarter, the PV industry continued to face tremendous challenges as competition intensified," said Miao. "However, we managed to reach our guidance for both module shipment volumes and gross margin."
Earlier this week, Canadian Solar updated its Q2 guidance, revealing that it will miss its previous module shipment guidance by 20 to 30 MW. The company expects to see shipments between 410 to 420 MW, lower than the original guidance of 430 to 450 MW. This is an increase on 343 MW in Q1 2012 and 287 MW in Q2 2011.
Canadian Solar has further announced that it anticipates to realize a gross margin for Q2 of 12 to 12.5 percent. "One-time items" assisted this margin, which accounts for four percent of the result. Canadian Solar CEO, Shawn Qu remarked that the company continues to focus on manufacturing cost reductions and improving operating cash flow. "Shipments remained strong in the second quarter of 2012, despite weaker than anticipated demand in the U.S." said Qu.
JinkoSolar will report its Q2 results on August 23. Meanwhile, Trina Solar will report on August 21 and will hold its 2012 annual general meeting on Friday, September 7. Yingli will release its Q2 results on August 29.
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