Weakness in the euro hurt Yingli Green Energy's (NYSE: YGE) earnings, but the company still managed to top analyst expectations. Quarterly income came in at 12 cents per share, down from 15 cents per share a year ago. Nevertheless, YGE's earnings were a nickel better than the consensus estimate. Adjusted earnings hit 15 cents per share. Quarterly revenue increased 21%, checking in at $258.1 million.
The solar firm continues to estimate 2009 shipments between 550 and 600 megawatts, with gross margins coming in between 22% and 24%. The estimated gross margin would be better than last year's margins of 21.6%.
The stock is higher on the open, allowing it to continue enjoying support from its 10-, 20-, and 50-day moving averages. In addition to this potential support, the shares are situated atop their 10-week moving average, which has bullishly crossed its 20-week counterpart. This technical formation often hints at a continued run higher. The stock may need this support, as it faces overhead resistance at the $7 level in the past -- and this level rests right in YGE's path higher.
Yingli Green Energy sees fourth-quarter earnings slip
Posted Feb 10th 2009 10:20AM by Mark Fightmaster
Filed under: Earnings reports, Green Stocks
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