JA Solar Holdings Co. Ltd. (ADR) (NASDAQ: JASO), today, announced its second-quarter financial results. The company reported second-quarter revenue of RMB 2.4 billion ($351.2 million), up from RMB 1.9 billion ($281 million) reported for the first quarter of 2010 and 600.7 million ($88.6 million) reported for the second quarter of 2009. The company reported a substantial increase in sales to international customers, during the second quarter of 2010.
JA Solar reported second-quarter gross margin 23.1%. For the first quarter of 2010, the company reported gross margin of 22.9%. The company’s total operating expenses, for the second quarter of 2010, came in at RMB 188.3 million ($27.8 million), up from RMB 104 million ($15.3 million) reported for the first quarter of 2010.
JA Solar reported GAAP earnings per diluted ADS of RMB 1.20 ($0.18), for the second quarter of 2010. For the first quarter of 2010, the company reported GAAP earnings per diluted ADS of RMB 1.61 ($0.24).
JA Solar has a very strong balance sheet. At the end of the second quarter of 2010, the company had cash and cash equivalents of RMB 2.2 billion ($324.6 million), while its long-term bank borrowings were RMB 1.2 billion ($174 million).
Dr. Peng Fang, CEO of JA Solar, said that the company is pleased to deliver another quarter of record shipments, with strong operating performance. Fang said that the company’s 2010 shipment surpassed its full year shipment in 2009. He also said that the business momentum strong.
Based on the strong performance in the first half of this year, JA Solar is bullish about the prospects for the full year. The company raised its outlook for the full year of 2010. It expects shipments to exceed 1.35 GW in 2010, compared with prior expectation of 1 GW. The company expects third-quarter shipments to come in at 375 MW.
With a strong balance sheet, solid outlook and expansion in international sales, the prospects for JA Solar are certainly good.
The ADRs of JA Solar Holdings Co. Ltd. have a 52-week range of $3.22-$6.95. The ADRs are now trading below their 10-day and 20-day moving averages and above their 50-day moving average. The ADRs have a support level at $6.35 and a resistance level at $6.75. Year-to-date, the JA Solar ADRs gained 4.74%, outperforming the broader market and its peer group.
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This newsletter is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Beaconequity.com is a wholly-owned subsidiary of BlueWave Advisors.
While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a real licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
