With JA Solar's (JASO -10.5%) shares having tripled from their April lows going into the company's Q3 report, investors aren't in a forgiving mood over its EPS miss, even though it's accompanied by a revenue beat and 500.2MW of cell/module shipments (beating guidance of 450MW-470MW).
A 37% Q/Q increase in opex to $37.5M (blamed partly on a $7.5M accounts receivable provision) had much to do with the EPS miss.
JA is guiding for Q4 cell/module shipments of 500MW-550MW, and has upped its full-year shipment guidance to 1.9GW-1.95GW.
Like many peers, JA is seeing steadily rising gross margins. Q3 GM was 11.3%, up from 8.1% in Q2 and -5.9% a year ago.
China accounted for 38.7% of shipments, other parts of Asia-Pac 39.3%. Europe's share dove to 9.3% from Q2's 19.7%, while the Americas rose to 10.7% from 7.9%. Module shipments to the U.S. more than tripled Q/Q. Chinese and Japanese demand are also said to be healthy.
JA ended Q3 with $401.1M in cash/equivalents, and $628.1M in debt.
Q3 results, PR