By The Associated Press

Thursday, August 19, 2010 at 4:49 p.m.

SAN FRANCISCO ?
China-based solar cell maker Yingli Green Energy Holding Co. said Thursday that it earned a profit in the second quarter as revenue from sales of its photovoltaic modules jumped.

Yingli earned 217.8 million renminbi ($32.1 million), or 1.46 renminbi (21 cents) per American depositary share in the quarter. That compares with a loss of 393.7 million renminbi, or 3.03 renminbi per ADS, in the same quarter a year earlier.

Analysts expected a profit of 19 cents per share.

Revenue rose to 2.70 billion renminbi ($398.1 million) from 1.50 billion renminbi in the year-ago quarter. Analysts had been looking for $371.1 million.

Yingli saw a large increase in sales of photovoltaic modules — revenue rose to 2.66 renminbi ($391.6 million) from 1.46 billion renminbi in the previous year.

Research and development expenses fell to 38.8 million renminbi ($5.7 million) from 46.1 million renminbi last year but total operating expenses climbed, rising to 339.7 million renminbi ($50.1 million) from 189.5 million renminbi last year. The company said this was due mostly to higher selling expenses that stemmed from its sponsorship of the 2010 FIFA World Cup and higher research and development expenses.

Yingli’s ADS fell 10 cents to $10.87 in after-hours trading, after finishing regular trading down 48 cents, or 4.3 percent, at $10.77.

SCOTTS VALLEY, Calif.
- Hard disk-drive maker Seagate Technology posted a profit in its fiscal fourth quarter, reversing a loss, as revenue grew 13 percent. But the earnings fell short of expectations.

Net income in the three months to July 2 came to $379 million, or 76 cents per share.

Adjusted for restructuring charges and an income tax benefit, adjusted earnings came to 70 cents per share.

Revenue grew to $2.66 billion from $2.35 billion.

Analysts surveyed by Thomson Reuters were looking for earnings of 77 cents per share on revenue of $2.85 billion. The estimates typically exclude items.

In a statement, CEO Steve Luczo acknowledged missing the company’s earnings guidance.

Industry demand was at the low end of expectations primarily because of issues related to the debt crisis in Europe and slowing consumer spending in the U.S. and Europe, he said.

“The lower unit shipments and unfavorable pricing at some key capacity points impacted Seagate’s ability to deliver revenue and earnings for the quarter within our target range,” he said.

For the full year, net income was $1.61 billion, or $3.14 per share, reversing a loss of $3.13 billion, or $6.40 per share.

Shares were down 8 cents at $14.45 in after-hours trading, after closing up 26 cents, or 1.8 percent, at $14.53.