SHANGHAI, Nov. 10 /PRNewswire-FirstCall/ -- JA Solar Holdings Co., Ltd. (Nasdaq: JASO), a leading manufacturer of high-performance solar products, today announced financial results for its third quarter ended Sept. 30, 2009.
Third Quarter 2009 Results
Revenue in the third quarter of 2009 was RMB 1.3 billion ($193.3 million), an increase of 119.6 percent from RMB 600.7 million ($88.0 million) reported in the second quarter of 2009 and a decrease of 37.8 percent from RMB 2.1 billion ($310.7 million) reported in the third quarter of 2008. Total shipments in the third quarter were a record 177MW, compared with the second quarter shipments of 77MW, representing a sequential growth of 129.9 percent. Compared with the same period last year, shipment growth was 78.8 percent, up from 99 MW in the third quarter of 2008.
"We are pleased to report the highest quarterly shipments in our company's history, with increasing demand for our products worldwide," said Baofang Jin, JA Solar's chairman and CEO. "Our Q3 results demonstrate many advantages that JA Solar has, including scale, technological leadership, a strong brand, high quality products and a low cost structure, making JA Solar the preferred supplier to many customers," he said.
"We also gained significant market share during the quarter and made further progress diversifying our customer base. JASO is 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," he said.
Total gross profit in the third quarter of 2009 was RMB 220.5 million ($32.3 million), or 16.7 percent, compared with RMB 68.3 million ($10.0 million) or 11.4 percent in the second quarter of 2009 and RMB 458.1 million ($67.1 million) or 21.6 percent in the third quarter of 2008.
Total operating expenses in the third quarter of 2009 were RMB 72.3 million ($10.6 million), compared with RMB 177.4 million ($26.0 million) in the second quarter of 2009 and RMB 24.8 million ($3.6 million) in the third quarter of 2008.
Included in the third quarter of 2009 operating expenses was a non-cash stock-based compensation charge of RMB 11.7 million ($1.7 million), compared with RMB 81.1 million ($11.9 million) in the second quarter of 2009 and a non-cash gain of RMB 17.2 million ($2.5 million) in the third quarter of 2008.
Operating income in the third quarter of 2009 was RMB 148.2 million ($21.7 million), compared with an operating loss of RMB 109.0 million (a loss of $16.0 million) in the second quarter of 2009 and operating income of RMB 433.3 million ($63.5 million) in the third quarter of 2008. Excluding the stock-based compensation charge, the company generated an operating income of RMB 159.9 million ($23.4 million) for the third quarter of 2009.
Earnings per diluted ADS in the third quarter of 2009 were RMB 0.66 ($0.10), compared with net loss per diluted ADS of RMB 1.21 (a loss of $0.18) in the second quarter of 2009 and net loss per diluted ADS of RMB 2.47 (a loss of $0.36) in the third quarter of 2008.
Operating cash flow for the third quarter of 2009 was a positive cash flow of RMB 288.6 million ($42.3 million), compared with RMB 194.7 million ($28.5 million) in the second quarter of 2009 and a negative cash flow of RMB 458.1 million ($67.1 million) in the third quarter of 2008.
At Sept. 30, 2009, JA Solar had cash and cash equivalents of RMB 1.7 billion ($256.1 million), compared with RMB 2.2 billion ($329.0 million) at June 30, 2009. The convertible bonds outstanding at Sept. 30, 2009 were RMB 1.7 billion ($253.5 million) and total long-term bank loans outstanding at Sept. 30, 2009 were RMB 680.0 million ($99.6 million). Total working capital at Sept. 30, 2009 was RMB 3.3 billion ($483.5 million).
Fourth Quarter and Full Year 2009 Guidance
"As demand for solar products has improved significantly across multiple geographies, we are seeing robust demand from our customers with improved visibility," said Mr. Jin.
Based on current customer orders, the company expects the fourth quarter of 2009 shipments to be in the range of 170MW to 200MW, and full year 2009 shipments to be in the range of 448MW to 478MW. The nameplate production capacity by year-end 2009 is expected to be 800 MW.
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