JA Solar (JASO) Beats & Raises, Shares Up 5% Pre-Market

JA Solar (JASO) is reporting strong results this morning, beating analyst estimates and raising guidance.  The company reported a GAAP EPS of .47/share and while the company doesn’t report a non GAAP number it looks like to me the non GAAP is .36/share which beats the analyst estimate of .34/share.  I’ll update this post if I’ve calculated that non GAAP number incorrectly.  Either way, the company beats.  Revenues beat as well coming in at $541 million vs the analyst estimate of $454 million.  Those numbers represent another huge jump over the year ago quarter.. a 260% increase in EPS and a 189% increase in revenues.

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Other highlights:

– record Q3 shipments of 418MW which was well above previous guidance of 375MW
– gross margin of 22.5%, above guidance of 20%
– strong balance sheet with $309 million in cash

CEO Peng Fang commented:

“Business momentum and visibility continues to be strong, and we are seeing robust demand for our high quality products from both existing and new customers. As we continue to develop strong partnerships with leading international solar companies, we are expanding our customer base worldwide, with strong growth in several geographic end markets including, The United States, Canada, Italy, Japan, Australia, China and India. We believe our strategy of partnering with well established solar companies with strong presence in these geographies will help us to further capture market share and participate in the growth of these new markets.”

Looking ahead, the company is raising its full year guidance from 1.35GW to 1.45GW.  The expect record shipments again in Q4 at 450MW.

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