Yingli Green Energy (YGE) posted flat earnings growth over the year ago quarter with a non GAAP EPS of .15/share in the latest quarter on revenues of 258 million (about a 25% increase over the year ago quarter.

YGE reaffirms that its PV module shipment target is expected to be in the estimated range of 550 MW to 600 MW for fiscal year 2009, which represents an increase of 96.1% to 113.9% compared to fiscal year 2008.

Said CEO Miao, ”We continue to see the benefits of our vertically integrated model, which allows us to bring our high quality modules to market at competitive prices, and believe that Yingli Green Energy is well-positioned to capture additional market share in 2009.  To strengthen our market presence and enhance our comprehensive customer service, we have established offices and subsidiaries in key markets including Germany, Spain, Italy and the United States.  Our recent acquisition of Cyber Power and its polysilicon manufacturing subsidiary, Fine Silicon, is a key step toward the full vertical integration of our manufacturing processes. We believe this acquisition will not only help us secure high quality polysilicon to meet our customers’ demands for top quality PV products but will also help control and stabilize our polysilicon costs to improve our margins as well as further increase visibility to achieving grid parity.”

Shares of YGE are about 5% in early morning trading.