JA Solar Falls Most Since April as Profits Miss EstimatesEhren Goossens
JA Solar Holdings Co., the biggest solar-cell producer, declined the most in more than three months after second-quarter earnings fell short of analysts’ estimates.
JA Solar’s American depositary receipts dropped 6.3 percent to $9.36 at the close in New York, the biggest one-day decline since Apr. 28. Each ADR is worth five ordinary shares.
Net income was 40.1 million yuan ($6.5 million), or 0.12 yuan a share, compared with a loss of 132.4 million yuan, or 0.72 yuan a share, a year earlier, the Shanghai-based company said in a statement today. That missed the 1.31-yuan average of three estimates compiled by Bloomberg.
JA Solar raised its forecast for shipments this year to as much as 3.1 gigawatts, from a May estimate of up to 2.9 gigawatts, as it sees strong demand in fast-growing markets like China, Japan and North America, Chief Executive Officer Jin Baofang said in the statement.
Shipments jumped 47 percent from a year earlier in the quarter to 681.8 megawatts, in line with the company’s May forecast of 670 megawatts to 700 megawatts.
JA Solar is the biggest maker of solar cells with 2.8 gigawatts of capacity, according to data compiled by Bloomberg.