Mon, May 18, 2:55 PM
- JA Solar (NASDAQ:JASO) has fallen below $10 after missing Q1 revenue estimates. A better-than-expected gross margin (+60 bps Q/Q and -60 bps Y/Y to 16.1%) allowed EPS to beat; JA attributes the margin strength to lower materials costs and strong sales to high-ASP Japan.
- Q1 cell/module shipments totaled 681.5MW, -28.5% Q/Q (seasonality) and +6.8% Y/Y, and in-line with guidance of 650MW-700MW. Shipments are expected to total 680MW-720MW in Q2; full-year guidance of 3.6GW-4GW (200MW for downstream projects) is maintained, with JA forecasting Chinese and North American demand will improve in 2H15.
- Business performance: Module shipments +50.5% Y/Y to 584.1MW; cell shipments -61.1% to 97.4MW. China accounted for 21.4% of Q1 shipments, other Asia-Pac markets 53.9%, Europe 22.6%, the Americas 1%, and other markets 1.1%.
- Financials: Operating expenses were 9.9% of revenue, up from 9.3% in Q4 and 9.7% in Q1 2014. JA ended Q1 with $306.2M in cash, $325.2M in short-term borrowings, and $365.8M in long-term borrowings.
- Q1 results, PR
Mon, May 18, 7:04 AM| 2 Comments
Sun, May 17, 5:30 PM
Thu, Mar. 12, 11:07 AM
- JA Solar (JASO +1.6%) shipped 952.7MW of solar cells and modules in Q4, +21.3% Q/Q and +43.2% Y/Y, and above guidance of 850MW-900MW.
- Shipments are expected to fall to 650MW-750MW in seasonally weak Q1, but are forecast to grow to 3.6GW-4GW in 2015 from 2014's 3.1GW. 200MW-300MW of the 2015 shipments are expected to go towards downstream projects.
- Gross margin rose 50 bps Q/Q and was flat Y/Y at 15.5%. Hurting EPS: operating expenses rose to 9.3% of revenue from 8.8% in Q3, albeit while falling from the year-ago period's 12.8%.
- Module shipments rose 142% Y/Y, while cell shipments fell 76%. China accounted for 41% of shipments, other parts of Asia-Pac 37.3%, Europe 12.8%, and the Americas 4.4%. JA says it's "enthusiastic about expanding sales into new, underpenetrated geographies such as North America, South America, and India."
- JA ended 2014 with $347.3M in cash, $352.6M in working capital, $366.7M in short-term borrowings, and $310.2M in long-term borrowings.
- Shares opened sharply higher, but have since pared their gains.
- Q4 results, PR
Thu, Mar. 12, 7:12 AM| 3 Comments
Wed, Mar. 11, 5:30 PM
Nov. 18, 2014, 11:36 AM
- Under pressure for much of last week, solar stocks are rallying (TAN +4.3%) after SunEdison (SUNE +23.5%) and its TerraForm Power (TERP +29.1%) YieldCo announced they're buying leading wind project developer First Wind for up to $2.4B, and JA Solar (JASO +4%) beat Q3 estimates and upped its full-year cell/module shipment guidance to 3.1GW-3.2GW from 2.9GW-3.1GW.
- Gainers: SCTY +3.9%. SOL +4.5%. TSL +3.7%. YGE +2.7%. JKS +3.4%. HSOL +2.8%. ASTI +6%. DQ +3.2%. RGSE +2.6%.
- SunEdison CEO Ahmad Chatila declares the First Wind deal will double his company's addressable market. Cowen thinks SunEdison "can leverage First Wind’s platform to push into international markets for wind given the potential expiration of the production tax credit for U.S. wind projects."
- Along with its results/guidance, JA announced a $90M buyback; it's good for repurchasing 23% of shares at current levels, if fully used. JA's Q3 gross margin was 15%, -20 bps Q/Q but +370 bps Y/Y. Cell/module shipments rose 15.2% Q/Q and 57% Y/Y to 500.2MW.
Nov. 18, 2014, 7:07 AM| Comment!
Nov. 17, 2014, 5:30 PM
Aug. 20, 2014, 8:15 AM
- JA Solar (NASDAQ:JASO) -6.1% premarket after Q2 earnings and revenues come in short of Wall Street expectations, even as shipments soared.
- On a Y/Y basis, results were much improved: Excluding special items, earnings swung from a year-ago loss, and revenue surged 53% to 2.4B yuan ($390.5M).
- Total shipments during Q2 jumped 47% Y/Y to 681.8 MW, while shipments of modules surged 76% to 445.8 MW; JASO says it expects total cell and module shipments of 730-760 MW in Q3.
- Gross margin was 15.2%, vs. 8.1% in the year-ago quarter and 16.7% in Q1 2014.
- Raises FY 2014 shipment guidance, now expecting to ship 2.9-3.1 GW, vs. prior guidance of 2.7-2.9 GW.
- CEO Baofang Jin expects sustained growth and profitability in H2 "due to accelerating activity in China, and continued favorable product and geographic mix."
Aug. 20, 2014, 7:27 AM| Comment!
Aug. 19, 2014, 5:30 PM
Aug. 1, 2014, 12:26 PM
- Solar stocks are underperforming (TAN -4%) amid a market selloff after SunPower (SPWR -8.5%) posted mixed Q2 results and provided Q3/2014 guidance ranges with midpoints below consensus.
- SunPower also announced it's building a new plant (Fab 5) that could go live in 2017 and eventually produce 700MW+/year of modules, boosting its capacity by over 50%. "Our share has been in single digits for a while and demand for the last 24 months suggests that we can expand share," says CEO Tom Werner.
- The announcement comes 6 weeks after SolarCity (SCTY -3.5%) unveiled plans to build a 1GW+ module plant with newly-acquired Silevo's help, and said it will later build "one or more significantly larger plants at an order of magnitude greater annual production capacity."
- Minimal capacity investments, together with rising U.S./Asian demand, have helped module prices stabilize following gut-wrenching declines in prior years.
- Also: SunPower stated on its CC (transcript) it hasn't decided whether to create a solar project YieldCo similar to SunEdison's (SUNE -4.3%) TerraForm Power (TERP -4.7%), which recently turned in a strong IPO. "It does not look like the company is likely to make a decision anytime soon," says Raymond James.
- Nonetheless, Brean has upgraded SunPower to Buy, citing optimism about strong demand and healthy pricing.
- Other notable decliners: FSLR -3.6%. TSL -8.4%. JKS -6%. CSIQ -5.6%. CSUN -5.7%. YGE -5%. SOL -4.5%. ENPH -5.8%. RGSE -4.5%. HSOL -3.9%. JASO -4.4%.
May 8, 2014, 8:13 AM
- JA Solar's (JASO) Q1 cell/module shipments totaled 638.1MW, -4.1% Q/Q and +44.1% Y/Y, and soundly above guidance of 580MW-610MW. Shipments are expected to grow to 670MW-700MW in Q2.
- For now, full-year guidance of 2.7GW-2.9GW (200MW for JA's downstream projects) is being reiterated.
- Gross margin rose to 16.7% in Q1 from 15.5% in Q4 and 6% a year ago. Opex rose 18% Y/Y, less than rev. growth of 35.7%.
- While cell shipments fell 17.2% Q/Q to 250MW, module shipments rose 6.8% to 388MW.
- Thanks to surging Japanese demand, Asia-Pac markets other than China made up 52.8% of Q1 shipments. Europe (14.8% of shipments) was also a geographic strong point. China only accounted for 26% of Q1 shipments (seasonality), and the U.S. 4.1%.
- Q1 results, PR
May 8, 2014, 7:14 AM
May 7, 2014, 5:30 PM
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