JA Solar Holdings Co. Ltd. announced its financial results for its first quarter ended March 31, 2011.
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 the year prior.
Gross profit in the first quarter of 2011 was $96.3 million, compared with $67.0 million in the first quarter of 2010. Gross margin was 17.3 percent in the first quarter of 2011, compared with 23.0 percent in the comparable quarter of 2010.
Operating income in the first quarter of 2011 was $83.3 million, compared with $54.1 million in the first quarter of 2010.
Earnings per diluted ADS in the first quarter of 2011 were $0.41, an increase of 66.5 percent compared with earnings per diluted ADS of $0.25 in the first quarter of 2010.
In the first quarter of 2011, JA Solar generated operating cash flow of $64.2 million, or $0.37 per diluted ADS.
“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.
Dr. Fang said JA Solar’s shipments were negatively impacted by factory shutdowns during the week-long Chinese New Year holiday. Regardless, the company’s overall shipments for the quarter remained relatively close to production volume, sustaining demand for its products and reflecting its long-term strategic partnerships.
“Underpinning this is our unique position as the industry’s low cost leader, and we are confident that in the future we can achieve even greater production efficiencies and drive costs down further,” he stated.
For the remainder of 2011, Dr. Fang said the company will maintain its focus on building new partnerships to expand its market presence, primarily targeting opportunities stemming from the high growth potential of the U.S. market and potential partnerships.
“These partnerships give us valuable exposure to the utility scale project market and enable us to rapidly grow our U.S. footprint,” Dr Fang stated. “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.”
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