JA Solar (JASO) is seeing a nice pop in the early going this morning after reporting better than expected Q1 results.  The company reported a non GAAP EPS of .40/share on revenues of $556 million.  That’s a beat on both the top and bottom line and represents significant quarter over quarter growth of 67% and 91% respectively. 

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Here are some highlights of comments made by CEO Peng Fang:

– company executed well despite seasonal weakness, Italy uncertainty and the Chinese New Year

– the industry’s low cost leader and confident can increase efficiencies further

– excited about growth potential in US market, highlighting recent partnership with WFR

Looking ahead, the company expects to exceed shipments of 400MW this quarter as well and is maintaining their full year 2011 guidance at 2.2GW.

Technically, shares of JASO remain in a basing pattern with critical support around that $6 level.  It needs to hold there and begin building the right side of the new base.  Perhaps today’s move is the beginning of that.  I won’t be ready to call the stock bullish until it can get back above both the 50 and 200 day moving averages, which would require a healthy move above $7.