JA Solar announced its unaudited financial results for its third quarter ended September 30, 2015. The company shipped 49.7% more modules sequentially and the net revenue increased 41% from the prior quarter. Net income and EPS were all climbed from the second quarter of 2015.
Third Quarter 2015 Highlights
- Total shipments were 1,126.8MW, an increase of 43.5% y/y and 42.5% sequentially
- Shipments of modules and module tolling were 1,073.8 MW, an increase of 54.8% y/y and 49.7% sequentially
- Shipments of cells and cell tolling were 53.0 MW, a decrease of 42.3% y/y and 27.8% sequentially
- Net revenue was RMB 3.8 billion ($601.0 million), an increase of 26.4% y/y and 41.0% sequentially
- Gross margin was 17.7%, an increase of 270 basis points y/y and 130 basis points sequentially
- Operating profit was RMB 299.1 million ($47.1 million), compared to RMB 189.6 million ($29.8 million) in the third quarter of 2014, and RMB 156.1 million ($24.6 million) in the second quarter of 2015
- Net income was RMB 258.6 million ($40.7 million), compared to RMB 155.4 million ($24.5 million) in the third quarter of 2014, and RMB 136.0 million ($21.4 million) in the second quarter of 2015
- Earnings per diluted ADS were RMB 4.42 ($0.70), compared to RMB 2.55 ($0.40) in the third quarter of 2014, and RMB 2.26 ($0.36) in the second quarter of 2015
- Cash and cash equivalents were RMB 1.8 billion ($289.4 million), an increase of RMB 90.6 million ($14.3 million) during the quarter
- Non-GAAP earnings per diluted ADS were RMB 4.35 ($0.68), compared to RMB 1.30 ($0.20) in the third quarter of 2014, and RMB 1.67 ($0.26) in the second quarter of 2015
The strong demand in the second half of 2015 contributed to JA Solar’s financial boom, said Mr. Baofang Jin, chairman and CEO of JA Solar. The company also plans to expand its production capacity to 5GW in 2016, yet the plan is still evaluated.
