JA Solar Rises Most Since June as Profit Beat Estimates

JA Solar Holdings Co., the biggest solar-cell producer, rose the most in five months after it reported profit that beat analysts’ estimates and said that its capacity is fully booked for this quarter.

JA Solar’s American depositary receipts jumped 8.9 percent, the biggest one-day gain since June 17, to $8.49 at the close in New York today. They earlier gained as much as 10 percent. Each ADR is worth five ordinary shares.

Net income in the third quarter was 155.4 million yuan ($25.4 million), or 0.51 yuan a share, compared with a loss of 227 million yuan, or 1.35 yuan a share, a year earlier, the Shanghai-based company said in a statement today. Excluding certain one-time items, the company earned 1.3 yuan a share, beating the 1.08-yuan average of five estimates compiled by Bloomberg.

JA Solar raised its forecast for shipments this year to as much as 3.2 gigawatts, from an August estimate of up to 3.1 gigawatts, as it sees strong demand in fast-growing markets like China and Japan, Chief Executive Officer Jin Baofang said in the statement.

Solar-panel sales more than doubled from a year earlier and the company’s capacity is fully booked for the fourth quarter, Jin said, resulting in “some of the best visibility we have had in some time.”

Shipments jumped 57 percent from a year earlier in the quarter to 785.4 megawatts, in line with the company’s August forecast of 730 megawatts to 760 megawatts.

JA Solar is the biggest maker of solar cells with 2.8 gigawatts of capacity, according to data compiled by Bloomberg.