Losses posted by some photovoltaic manufacturers have been narrowing in Q3 2012, however this is not the case for Yingli, which announced net losses for the quarter that are an increase on its Q2 results. The companys modules shipments were down 16.9% on Q2.
Looking for an upside on the performance this quarter, Yingli CEO Liansheng Miao noted a revenue increase from China, from 14% of total revenues in Q2 to 28% in Q3. The decline for total shipments was blamed on the German FIT cuts. Miao restated however that, "Based on current orders and our expectations of the market development, we are confident to reaffirm the full year shipment guidance of 2.1 to 2.2 GW."
The vertically integrated manufacturer also reported falling costs of production in 2012, with Yingli indicating that its non-silicon costs will be below $0.50/W by the years end, and its polysilicon production, "close to industry average level." Yingli also reported that it has reduced its operating expenses in Q3.
Negatively impacting on Yinglis financial results for Q3 were depreciation expenses, resulting from underutilized capacity and an inventory provision.
At the end of Q3, Yingli reports having $592 million in cash and restricted cash, a significant fall from Q2. Its full year outlook is for module shipments to be between 2.1 – 2.2 GW, an increase of around 35% from 2011.