Yingli Green Energy (YGE) was out with strong earnings results this morning, beating Wall St estimates in the process.  The company reported a non GAAP EPS of .23 on revenues of $358.9 million.  That beat analyst estimates by .01 and $5 million respectively and represents a 146% revenue increase over the year ago quarter.  Gross margins hit a new record at 33.3%.  

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Other highlights:

– achieved close to 130% capacity utilization for existing 600MW through operating efficiency and cell conversion efficiency
– expects to bring 400MW of additional production capacity online by the 3rd quarter

Looking ahead to the full year, the company is reaffirming its PV module shipment target of 950MW – 1GW which would be an 80 – 90% increase over last year.  It expects gross margins to be between 27 – 29%.

Shares of YGE are modestly higher this morning, up 2%.  As I mentioned last week, I believe many of the solar stocks are showing signs of bottoming out and YGE is one solar stock I scaled into last week.