Yingli Green Energy (YGE) reported strong earnings results this morning, smashing analyst estimates in the process.  The company reported a non GAAP EPS of .57/share on revenues of $616 million vs the analyst estimate for just $.44 EPS on revenues of $545 million.  That’s good for a nearly 900% increase in earnings over the year ago period and a 66% jump in revenues.  If YGE’s earnings report is any indication, the solar bears continue to be dead wrong, but I think results for Q1 will be critical and set the tone for the year.  Will the solar bears finally be right?  I suppose if you make the same call long enough, you’ll eventually be right!

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Here are some highlights of comments made by the CEO..

– Europe continues to provide the greatest solar demand with 80% of global sales coming from Europe

– Company seeing great success in fast growing markets such as Italy, France, Greece and the UK.  Looks like cutbacks in Germany and Spain aren’t slowing solar down any at least for now.

– Company is diversifying away from Europe a bit this year and expects 60% of global sales to come from Europe.  The company expects a larger chunk of sales to come domestically and within the US.  Percentage of global sales from the US expected to increase from 10% last year to 13 – 15% this year

Looking ahead, the company expects a 60 – 65% jump in shipments this year over last to between 1700 – 1750MW.

Shares of YGE are up about 7% this morning and should have no problem testing the Oct 2010 high above the $14 level.