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JA Solar (JASO) Shows Some Improvement, But Profits Still Far Off
Another tough quarter for JA Solar (JASO) but it was a bit better than last quarter as the company saw a pick up in revenues. Unfortunately, profits are still nowhere in sight. The company missed Wall St estimates by a wide margin reporting a loss (excluding the one time charge for stock compensation) of .13/share vs the estimate of a .06/loss, despite beating on the revenue side with $88 million. Clearly, this is still a company that still needs to do a better job of cutting costs.
The CEO put a positive spin on the quarter, saying he signs of market improvement and to expect a strong 3rd quarter.
“We are pleased with our second quarter results, which reflect our success in growing JA Solar’s customer base and our market share,” said Baofang Jin, JA Solar’s chairman and CEO. “JA Solar continues to offer high quality products at a very competitive price, afforded by our industry-leading technology and cost structure. We are also pleased that because of our focus on operations and cost reductions, we were able to show gross margin improvement in the second quarter,” he said.
Shares of JASO are off about 10% in premarket trading.
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