JA Solar (JASO) Stock Falls On Revenue Miss

JA Solar Holdings Co., Ltd. (JASO) reported first quarter non-GAAP EPS of $0.13 before the opening bell Monday, compared to the consensus estimate of $0.07. Revenues increased from last year to $387.7 million. Analysts expected revenues of $417.40 million.

During the first quarter of fiscal 2015, gross margin was 16.1%, a decrease of 60 basis points vs. the same period of the prior year. Q1 gross profit increased 1.6% yoy to $62.4 million. The company’s net income for the period came in at $5.7 million, or $0.02 per diluted share, from $13.5 million, or $0.28 per diluted share, a year earlier.

Total shipments were 681.5 megawatts, an increase of 6.8% year-over-year. Shipments of modules and module tolling were 584.1 MW, an increase of 50.5% year-over-year.

Mr. Baofang Jin, chairman and CEO of JA Solar, commented, “Our first quarter shipments were in line with our expectations during a seasonally slow period. During the quarter, our gross margin held up well due to reduced material costs and high demand from the Japanese market, where pricing was better than expected. Shipments to Europe were also strong, growing both year over year and sequentially.”

Liquidity: As of March 31, 2015, JA Solar Holdings had net cash and cash equivalents of $306.2 million, and total working capital $400.9 million. Total short-term and long-term borrowings were $325.2 million and $365.8 million, respectively.

JASO currently prints a one year return of 5.20% and a year-to-date return of around 24%.

The stock is down 4.6% pre-market to $9.70.

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