Solar power company Yingli Green Energy reported an unexpected quarterly loss as sales volumes and prices fell, and it cut its forecast for full-year sales.
Yingli was the latest maker of photovoltaic solar products to post weak earnings as tight financing markets slowed the flow of funds to build new clean-energy systems.
We believe the first quarter marked a low point for the whole industry this year, Yingli Green Energy included, Chief Executive Liansheng Miao told a conference call.
The Baoding, China based company posted a loss of $20.7 million, or 16 cents per American depositary receipt, compared with a year-earlier profit of $31.9 million, or 25 cents per share.
Analysts had on average forecast a profit of 1 cent per share, according Reuters Estimates.
Revenue fell 37 percent to $146.3 million.
The company said it expected to ship 450 to 500 megawatts of solar modules, down from the 550 to 600 MW it had forecast in February.
Shares of Yingli, which had surged 65 percent so far this year, were up 8.9 percent at $11.01 in premarket trading.
(Reporting by Matt Daily; Editing by Lisa Von Ahn)