As expected, JA Solar (JASO) is reporting a very good quarter this morning, beating analyst estimates .18/share, by reporting a non GAAP EPS of .33/share on revenues of $279 million vs the analyst estimate of $265 million.  That’s the 4th straight quarter of sequential growth and a huge improvement over the year ago quarter when the company posted just $34 million in revenue and lost .18/share.  Shipments increased to a record 272MW and gross margins were up again over the last quarter to 22.9%. 

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CEO Peng Fang commented on strong demand: “We saw extremely strong customer orders during the first quarter of 2010, with robust demand from all major solar markets, as well as growth from the emerging markets. We are seeing even stronger demand in the second quarter, reflecting JA’s strong market position, technology, quality, and value proposition. Based on current customer orders, we expect the strong market environment to continue through the end of 2010.”

Due to strong demand, the company is raising guidance and sees shipments exceeding 1GW this year, above prior guidance of 900MW.  They see shipments next quarter about in line with this quarter (around 275MW)

Shares of JASO are about 5% higher in premarket trading and continue to look very bullish.  A breakout above $7 would be significant and probably gets the stock closer to the $10 level.