JA Solar Holdings Co. Ltd. (ADR) (NASDAQ: JASO) has entered into a joint-venture agreement with MEMC’s affiliate, MEMC Singapore, to build and operate a solar cell production facility in China. Phase I of the project calls for the construction of a production facility with a capacity of 250 megawatts (MW) of photovoltaic (PV) cells at JA Solar’s Yangzhou site, with commercial production expected to begin in the second half of 2011. In later phases, total production capacity is expected to be expanded up to 1GW.
The company reported strong fourth-quarter results with record shipments of 463MW, an increase of 11% sequentially and 100% year-over-year.
The company reported fourth-quarter revenues of RMB 3.9 billion ($584.3 million), an increase of 6.6% as compared to RMB 3.6 billion ($548.3 million) reported in the third quarter of 2010 and an increase of 137% from RMB 1.6 billion ($246.5 million) reported in the fourth quarter of 2009. The total shipments in the fourth quarter of 2010 were a record 463MW as compared with third quarter shipments of 418MW, representing sequential growth of 11%. Last year same period, the shipments grew 100% from 231MW. The operating income reported was RMB 590.7 million ($89.5 million) as compared with RMB 669.3 million ($101.4 million) in the third quarter of 2010 and RMB 246.7 million ($37.4 million) in the fourth quarter of 2009. The operating margin was 15.3% in the fourth quarter of 2010 as compared with 18.5% in the third quarter of 2010 and 15.2% in the fourth quarter of 2009. The earnings per diluted ADS in the fourth quarter of 2010 were RMB 3.90($0.59), an increase of 24% as compared with RMB 3.14 ($0.48) in the third quarter of 2010 and an increase of 366% compared with RMB 0.84 ($0.13) in the fourth quarter of 2009.
For the full year, the company reported revenue of RMB 11.8 billion ($1.8 billion), an increase of 211% as compared with RMB 3.8 billion ($572.5 million) in full year 2009. The operating income for full year was RMB 1.9! 8 billio n ($299.6 million) as compared with RMB 93.7 million ($14.2 million) in full year 2009. The net income per diluted ADS was RMB 10.61 ($1.61) as compared with a net loss per diluted ADS of RMB 1.20 (a loss of $0.18) in full year 2009.
The company expects total cell and module shipments to exceed 2.2GW in 2011, representing an increase of approximately 50% compared to 2010. The module shipments are expected to be approximately 500MW to 600MW for the year. The sales contracts signed for 2011 delivery amount to more than 2GW, representing approximately 90% of the company’s expected shipments for 2011.
JA Solar Holdings stock is currently trading at $6.74. The stock is down 0.44% from its previous close. JA Solar Holdings shares touched the high of $6.79 and lowest price in today's session is $6.71.
The company stock has traded in the range of $4.22 and $10.24 during the past 52 weeks. The company's market cap is $1.14 billion.
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