JA Solar Holdings Co. Ltd., a leading global manufacturer of high-performance solar cells and solar power products, today announced its financial results for the first quarter ended March 31, 2011.
“Despite the seasonally weaker first quarter and uncertainties surrounding Italy’s solar policies, our first quarter performance illustrates that our strategic partners continue to recognize our clear market leadership on costs and technology,” Dr. Peng Fang, CEO of JA Solar stated in the press release.
Total shipments in the first quarter of 2011 were 451MW, a 65.8 percent increase compared with shipments of 272MW in the first quarter of last year.
Revenue in the first quarter of 2011 was $556.4 million, an increase of 91.2 percent from $290.9 million reported in the first quarter of 2010.
Gross profit in the first quarter of 2011 was $96.3 million compared with $67.0 million reported in the first quarter of the year prior. Gross margin for the first quarter 2011 was 17.3 percent compared to 23.0 percent in the first quarter of 2010.
Operating income in the first quarter of 2011 was $83.3 million compared to $54.1 million in the first quarter of 2010. Operating margin was 15.0 percent in the first quarter of 2011, compared with 18.6 percent in the comparable quarter of 2010.
Earnings per diluted ADS in the first quarter of 2011 were $0.41, a 66.5 percent increase over earnings per ADS of $0.25 in the first quarter of 2010.
As of March 31, 2011, the company maintained a strong balance sheet with cash and cash equivalents of $422.2 million, and total working capital of $711.8 million.
JA Solar said that due to the transitional market environment, spurred by solar policy changes in Italy, the company expects solar cell and module shipments to surpass 400MW for the second quarter.
“For the quarter and year ahead we remain focused on building new and productive partnerships that enable us to expand our market presence in key geographies. In particular, we are excited about the high growth potential of the U.S. market and have already secured a number of promising U.S.-focused partnerships, such as our solar cell joint venture with MEMC,” Dr. Fang stated. These partnerships give us valuable exposure to the utility scale project market and enable us to rapidly grow our U.S. footprint. We are similarly well positioned in China, where our status as one of the largest and most-respected players in the industry will enable us to take advantage of opportunities as the market expands.”
For more information visit www.jasolar.com
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