China Ming Yang Wind Power (MY) Reports Q4 EPS of RMB0.66

China Ming Yang Wind Power (NYSE: MY) reported Q4 EPS of RMB0.66, versus RMB3.36 reported last year. Revenue for the quarter came in at RMB2 billion, versus RMB541.2 million reported last year.

Total wind turbine generators ("WTGs") commissioned for which revenue was recognized amounted to an equivalent wind power project output of 638.0MW, or 280 units of 1.5MW WTGs and 109 units of 2.0MW WTGs, an increase of 263.5% compared to 175.5MW in Q4 2013.

Business Update

Order Book Update

New Sales Contracts – During the fourth quarter of 2014, Ming Yang entered into sales contracts for wind power projects with a total output of 624.0MW, representing 132 units of 1.5MW WTGs and 213 units of 2.0MW WTGs.

Order Backlog – As of December 31, 2014, the Company's order backlog amounted to nearly 3.7GW, representing 1,039 units of 1.5MW WTGs, 977 units of 2.0MW WTGs, 59 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG. Cumulative signed orders since its inception amounted to 10.2GW, representing 4,782 units of 1.5MW WTGs, 1,368 units of 2.0MW WTGs, 79 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG.

Earnings Guidance

Based on the Company's current order book and its current views and estimates on its current operating and market conditions, its current business plans and customer demand, the Company currently expects that for the quarter ended March 31, 2015, (i) its estimated revenue to be in the range of RMB1.2 billion to RMB1.3billion, and (ii) its estimated net income to be in the range of RMB36 million to RMB40 million, Please note that these projections are subject to change and changes may be material. In addition, the first quarter is typically a seasonally slower period primarily due to the long public holidays in China as well as the customers' wind farm construction progress which is generally slow during winter time.

Based on the Company's current order book and its current views and estimates on its current operating and market conditions, its current business plans and customer demand, the Company currently expects that for the year of 2015,(i) its estimated revenue to be in the range of RMB7.2 billion to RMB8.0 billion, representing an increase of 23% to 36% comparing with the revenue for the year of 2014, (ii) its estimated net income to be in the range of RMB290 million to RMB320 million, representing an increase of 26% to 39% comparing with the net income excluding gain on loss of control of GWPL for the year of 2014, and (iii)Its estimated gross margin and operating income margin for the year of 2015to be in the range of 13% to 14% and 7% to 8%, respectively. Please note that these projections are subject to change and changes may be material.

For earnings history and earnings-related data on China Ming Yang Wind Power (MY) click here.

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