JA Solar Holdings Co Ltd (JASO) Posts Third Quarter Results

Posted by | # |
09:20:02 am on November 12, 2008

JA Solar Holdings posted mixed results today, sending their share prices down in pre-market trading by 19%, to $2.70 per share. The company reported a net loss of $21.0 million, or 36 cents per ADS, compared to third quarter of 2007, when it earned $24.4 million, or .17 cents per ADS.

However, this loss was primarily related to one-time losses from deals with Lehman Brothers. The company lost $100 million in investments, $7.3 million in derivatives, and a 1.1 million share dilution from shares it loaned to Lehman Brothers and never received back.

If you look at non-GAAP earnings, excluding these one-time charges, the company actually earned .25/share, just a penny short of what most analysts expected from them this quarter. The company’s total revenue jumped to $312.3 million, higher than analyst’s estimates of $302.1 million. However, the company reduced its revenue forecast for 2008,advising that it expects to earn $849.5 million to $878.9 million instead of $1.05 billion to $1.17 billion.

JA Solar CEO Samuel Yang said the company was pleased with results, and that

 

“We are carefully managing the company for continued profitability in 2009. With our low cost basis, strong support from our suppliers, and ongoing success in broadening and diversifying our customer base, we believe we can achieve gross margins of at least 16 percent for the full year of 2009, with upside likely as we solidify and strengthen our operations during these uncertain times. JA Solar will continue to prosper, even if the current market conditions remain for an extended period. We will be able to capitalize on opportunities that weaker companies leave behind, and extend our market share and profitability even further,” –MSN MoneyCentral

Tags: , ,
 
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.

Comments  

No comments yet.

Leave a comment

(required)

(required)


*