JA Solar Sees Revenue Jump in Third Quarter
Reflecting improving business conditions, JA Solar reported revenues of $193.3M in Q3, more than double that of the previous quarter. Gross profits were 3× second-quarter levels, but still less than half the previous year's third quarter.
Staff -- PV Society, 11/10/2009
JA Solar Holdings Co. Ltd. (Shanghai, China) said its Q3 revenues rebounded from the previous quarter, but sales were 37.8% down from the previous year's third quarter. Revenue for the period was $193.3M, up 119.6% from $88M in Q2 2009 on shipments of 177 MW compared with Q2 shipments of 77 MW.
"We are pleased to report the highest quarterly shipments in our company's history, with increasing demand for our products worldwide," said CEO Baofang Jin. The company was able to diversify its customer base, becoming "the top choice for companies that are purchasing multiple megawatts of products in a short time, with requirements for high conversion efficiency at a competitive price."
Total Q3 gross profit was $32.3M, or 16.7%, compared with $10M in Q2 and $67.1M in Q3 2008. As of Sept. 30, JA Solar had cash and cash equivalents of $256.1M, compared with $329M at the end of June.
JA Solar said it expects Q4 2009 shipments to be in the range of 170-200 MW, and full-year 2009 shipments to be in the range of 448-478 MW.
The company also announced that Qingtang Jiang has resigned as CTO, adding that it has identified qualified candidates for the position.
