- JA Solar Holdings (NASDAQ:JASO) reported Q2 results below expectations, though posted increases across multiple shipment categories.
- Total shipments of 1,380.8 MW (1,229.3 MW of external modules and cells, 151.5 MW attributed to downstream projects). External shipments grew 55% Y/Y and 18.4% sequentially.
- Module and module tolling shipments (1,134.2 MW) increased 58% Y/Y and 23.4% sequentially. Cell and cell tolling shipments (95.1 MW) increased 29.6% Y/Y though declined 20% sequentially.
- Net revenue ($619M) grew 18.6% sequentially.
- Gross margin of 15.3% (down 110 basis points Y/Y and 130 basis points Q/Q).
- Operating profit of $28.3M vs. $23.5M Y/Y and $33.6M Q/Q. Net income of $24.7M vs. $20.5M Y/Y and $23.8M Q/Q. Cash and cash equivalents decreased $48.3M during the quarter to $303M.
- Projects Q3 total cell and module shipments of 1,200 MW - 1,300 MW and FY 2016 of 5.2 GW - 5.5 GW with 250 MW - 300MW of downstream projects shipments.
- Chairman and CEO Baofang Jin: "As expected, China was our strongest market in the quarter, driven by accelerated activity ahead of subsidy reductions that occurred this summer. While regulatory change should slow the domestic Chinese market in the second half of the year, we believe our balanced global footprint and flexible business model will allow us to adjust to evolving market conditions."
- Conference call
- Press release