(Updates with closing share price in second paragraph.)
March 4 (Bloomberg) -- Yingli Green Energy Holding Co., a Chinese solar manufacturer, reported a fourth quarter loss that was more than double expectations.
Yingli’s American depositary receipts were unchanged at $2.40 at the close in New York. Each ADR is worth one ordinary share.
Shipments last year surged 43 percent from 2011 to 2.3 gigawatts. That puts Yingli on track to become the biggest solar manufacturer. Suntech Power Holdings Co., the largest panel maker in 2011, forecast 2012 shipments of 1.8 gigawatts to 2 gigawatts. Yingli expects to ship between 3.2 gigawatts and 3.3 gigawatts of solar panels this year.
The company’s loss narrowed to 1.25 billion yuan ($200 million) from 3.8 billion yuan a year earlier, the Baoding, China-based company said in a statement today. The per-ADR loss was $1.28, compared with 57 cents, the average of nine analysts’ estimates compiled by Bloomberg.
Revenue increased 13 percent to 2.9 billion yuan, driven by growth in China, Yingli’s Chairman and Chief Executive Officer Miao Liansheng said in the statement.
“Demand in China continued to expand strongly,” Miao said. Increasing installations will probably “catapult China to become the largest solar market in 2013.”
--Editors: Will Wade, Randall Hackley