JA Solar Holdings Turns To Profit In Q4; Stock Up - Quick Facts

(RTTNews) - JA Solar Holdings Co., Ltd. (JASO) said that its fourth-quarter net income attributable to the company was RMB 142.38 million or $23.52 million, compared to a loss of RMB 582.13 million in the prior year quarter.

Earnings per ADS in the fourth quarter of 2013 was RMB 1.92 or $0.32, compared with loss per ADS of RMB 15.06 or $2.49 in the fourth quarter of 2012.

Tax benefit in the fourth quarter of 2013 was RMB 40.0 million or $6.6 million, compared with tax expense of RMB 5.3 million or $0.9 million in the fourth quarter of 2012.

Non-GAAP net earnings attributable to the Company's ordinary shareholders were RMB 55.1 million ($9.1 million). Non-GAAP earnings per ADS in the fourth quarter of 2013 were RMB 0.94 ($0.16).

Net revenue in the fourth quarter of 2013 was RMB 2.2 billion ($357.3 million), an increase of 29.5% from RMB 1.7 billion ($275.9 million) in the fourth quarter of 2012.

Total shipments in the fourth quarter of 2013 were 665.5 megawatts or MW, exceeding the high end of the Company's previously provided guidance of 500 MW to 550 MW, and representing a 33.0% increase from the 500.2 MW shipped in the third quarter of 2013, and a 33.0% increase from 500.4 MW in the fourth quarter of 2012.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.01 per share and revenues of $291.82 million for the quarter. Analysts' estimates typically exclude special items.

As of December 31, 2013, JA Solar had an annual wafer production capacity of 1.0 GW, an annual cell production capacity of 2.5 GW and an annual module production capacity of 1.8 GW. The company said it intends to increase both its cell manufacturing capacity and its module manufacturing capacity to 2.8 GW. The expansions are expected to be completed during the second quarter of 2014.

For the first quarter of 2014, the Company expects total cell and module shipments to be between 580 MW and 610 MW. For the full year 2014, the Company expects total cell and module shipments to be between 2.7 GW and 2.9 GW, including 200 MW of module shipments to the Company's downstream projects.

In 2014, the company plans to build out its position in key markets across Asia, Europe and North America, while exploring opportunities in fast-growing regions including Latin America and the Middle East, where it has gained a solid foothold in recent months. It will also continue to explore downstream opportunities that diversify its revenue mix and deliver attractive returns. With a positive revenue outlook and a very competitive cost structure, it is focused on delivering full-year profitability in 2014.

JASO closed Friday trading at $11.42. In Monday's pre-market trading, the company's shares are up $2.48 or 21.72 percent to $13.90.