Chinese solar companies say shipments, margins to exceed forecast
(Reuters) - Chinese solar panel makers Trina Solar Ltd (TSL.N) and Yingli Green Energy Holding (YGE.N) said they expect second-quarter shipments and gross margins to be higher than their forecasts as they push into newer markets.
China-based solar companies have been tapping into more lucrative markets such as Japan and South Africa to cut dependence on low-margin sales at home.
Trina Solar estimated that it has shipped between 630 megawatts (MW) and 660 MW of solar panels in the quarter ended June, higher than its forecast of 500 MW-530 MW.
Yingli Green has estimated its panel shipments in the quarter increased 23-24 percent from the first quarter of 2013. It had previously forecast a low-to-mid teen percentage increase.
Both companies said gross margins were likely to be 11-12 percent. Trina had earlier forecast gross margins in the mi-single digits in percentage terms, while Yingli was expecting margins of 9 percent to 11 percent.
Trina Solar said second-quarter revenue would be hurt by a $8.5 million to $9.5 million charge for assets not in use.
The company also said the revenue would be hit by an incremental accounts receivables provision of between $8 million and $9 million.
Trina Solar is scheduled to report second-quarter results on August 20, while Yingli Green will report on August 30.
(Reporting by Swetha Gopinath and Garima Goel in Bangalore; Editing by Sriraj Kalluvila)
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