JA Solar Q3 Profit Declines, Revenues Up; Cuts FY16 Forecast For Shipments

(RTTNews) - JA Solar Holdings Co., Ltd. (JASO), a Chinese manufacturer of high-performance solar power products, reported Thursday that its third-quarter net income was 44.1 million yuan or $6.6 million, compared to 258.6 million yuan or $38.8 million a year ago.

Earnings per ADS were 0.86 yuan or $0.13, compared to 4.42 yuan or $0.66 last year.

Adjusted earnings per ADS were 0.86 yuan or $0.13, compared to 4.35 yuan or $0.65 a year ago.

Net revenue increased 9 percent to 4.2 billion yuan or $624.3 million from last year's 3.82 billion yuan.

Total shipments were 1,240.9 megawatts, nearly all of which were modules and cells shipped to external customers. External shipments were up 10.1% from last year.

Shipments of modules and module tolling were 1,200.0 MW, an increase of 11.8%.

Looking ahead, for the fourth quarter, the company expects total cell and module shipments to be in the range of 1,200 to 1,300 MW, with essentially all being external shipments.

Accordingly, full year 2016 shipments are now expected to range from 4.9 GW to 5.0 GW, below the company's previous guidance of 5.2 GW to 5.5 GW.

Baofang Jin, Chairman and CEO of JA Solar, said, "While we anticipate more market headwinds in the near-term, we are confident that our favorable geographic exposure, prudent cost control and flexible business model will enable us to succeed. As market conditions improve, we will be positioned for strong long-term growth."