JA Solar Holdings Co. Ltd. (JASO) announced adjusted earnings per American Depositary Share (EPADS) of RMB 0.66 (10 cents) in its fiscal third quarter, which exceeded the Zacks Consensus Estimate by 7 cents. The performance improvement came from higher shipments along with growing margins.

In the reported quarter, revenues rose 119.6% to RMB 1.3 billion ($193.3 million), as compared to RMB 600.7 million ($88.0 million) reported in the previous quarter. However, revenues fell 37.8% when compared to year-ago quarterly revenue of RMB 2.1 billion ($310.7 million).

JA Solar’s shipments were a company record of 177MW in the quarter. In the prior quarter, shipments were only 77MW, representing a sequential growth of 129.9%. In the year-ago quarter also, shipments were only 99MW, representing shipment growth of 78.8%.

JA Solar’s gross profit in the reported quarter rose to RMB 220.5 million ($32.3 million), or 16.7%, compared with RMB 68.3 million ($10.0 million) or 11.4% in the second quarter of 2009 and RMB 458.1 million ($67.1 million) or 21.6% in the third quarter of 2008.

JA Solar at the end of the reported quarter had cash and cash equivalents of RMB 1.7 billion ($256.1 million), compared with RMB 2.2 billion ($329.0 million) after the end of the second quarter of fiscal 2009. Operating cash flow for the latest quarter was RMB 288.6 million ($42.3 million), compared with RMB 194.7 million ($28.5 million) in the second quarter of 2009. At the end of the reported quarter, the company had convertible bonds outstanding of RMB 1.7 billion ($253.5 million) and total long-term bank loans outstanding of RMB 680 million ($99.6 million).

Outlook

JA Solar expects fourth quarter shipments to be in the range of 170MW – 200MW, and full year 2009 shipments to be in the range of 448MW – 478MW.

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