Yingli (YGE) Surges on China Outlook, $100M Buyback Program
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Shares of Yingli Green Energy (NYSE: YGE) are moving higher Wednesday despite arguably weak results and a reduced outlook but reassuring comments during the company's conference call Wednesday morning.
According to Robert Petrina, Yingli's Americas managing director, China's market for solar panels should be 3GW next year, and Yingli plans to get 30 percent of that market. Currently, Yingli accounts for about 25 percent of the market in China.
With an estimated additional contribution of 250MW from that segment alone, Yingli's downwardly revised shipment range of 1.58 to 1.63GW for 2011 is looking more and more achievable. That range is still 48.8 to 53.5 percent above levels in 2010.
Additionally, on the call, Yingli discussed a $100 million ADR repurchase program.
On the news, Yingli shares are 12.4 percent higher in late afternoon trading.
According to Robert Petrina, Yingli's Americas managing director, China's market for solar panels should be 3GW next year, and Yingli plans to get 30 percent of that market. Currently, Yingli accounts for about 25 percent of the market in China.
With an estimated additional contribution of 250MW from that segment alone, Yingli's downwardly revised shipment range of 1.58 to 1.63GW for 2011 is looking more and more achievable. That range is still 48.8 to 53.5 percent above levels in 2010.
Additionally, on the call, Yingli discussed a $100 million ADR repurchase program.
On the news, Yingli shares are 12.4 percent higher in late afternoon trading.
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