JA Solar Holdings Co. Ltd.
) is expected to release its third-quarter 2012 results on
November 28, 2012. The Zacks Consensus Estimate for the third
quarter of 2012 is a loss of 20 cents per share, narrower than
the previous year figure of a loss of 36 cents per share on
revenues of $253 million (significant year-over-year decline of
Second-quarter 2012, a Synopsis
JA Solar Holdings Company Ltd. posted second-quarter 2012
adjusted loss per American Depositary Share ("ADS") of 67 cents,
wider than the Zacks Consensus Estimate of a loss of 14 cents.
Results also came far below the year-ago adjusted earnings per
ADS of $1.22.
JA Solar's revenues in the reported quarter were $284.4 million,
missing the Zacks Consensus Estimate of $292 billion. Though
revenues increased 12.8% from $252.2 million in the first quarter
of 2012, it decreased 32.3% from $420.1 million in the second
quarter of 2011.
Total shipments in the second quarter of 2012 were 418 MW, almost
in line with the low end of the company's previous guidance range
of 420 MW to 440 MW. This represents a 14.2% increase from 366 MW
in the first quarter of 2012 and a 4.2% rise from 401 MW in the
second quarter of 2011.
JA Solar expects its cell and module shipments to be in the range
of 350 MW and 370 MW in the third quarter of 2012. For full-year
2012, the company expects its total cell and module shipment
forecast in the range of range of 1.5 GW and 1.8 GW versus its
earlier range of 1.8 GW and 2.0 GW.
Read our full coverage on this earnings report:
JA Solar Misses, Cuts Guidance
The analysts covered by Zacks expects JA Solar to post
third-quarter 2012 loss of 20 cents per share, narrower than the
loss of 36 cents in the prior-year quarter. Currently, the Zacks
Consensus Estimate ranges between a loss of 28 cents and 9 cents
For 2012, the Zacks Consensus Estimate stood at a loss of 87
cents per share, wider than its prior-year loss of 29 cents per
share. The current Zacks Estimate ranges between a loss of $1.09
and 30 cents per share.
Estimate Revisions Trend
We do not see any movement over the last 7 days and 30 days for
the third quarter as well as the full-year 2012.
The Zacks Consensus Estimate for the third quarter of 2012
remained static over the last 30 days with a loss of 20 cents per
share for the third quarter of 2012. For full-year 2012, the
Zacks Consensus Estimate remained static at a loss of 87 cents
per share over the last 30 days.
With respect to earnings surprises, JA Solar has missed the Zacks
Consensus Estimate over the last four quarters in the range of
negative 1700.0% to negative 20%. Therefore, the average surprise
over the last four quarters remained at negative 479.41%. The
earnings miss in December 2011 was the lowest at 20%.
JA Solar is one of the most cost-efficient solar producers with a
geographically-diversified customer base. However, like its
JinkoSolar Holding Co. Ltd.
), JA Solar's performance may be adversely impacted by tepid
module demand in Europe (especially Germany), changes in the
Italian solar policy, rising competition, wafer dependency and
the undersupply of solar cells in the market.
The company presently retains a short-term Zacks #4 Rank (Sell).
We have a long-term Neutral recommendation on the stock.
Based in Ningjin of the Hebei province in the People's Republic
of China, JA Solar Holdings manufactures high-performance solar
cells. JA Solar conducts its operations through its subsidiaries,
JingAo Solar Company Ltd. (JA Hebei), Shanghai JA Solar PV
Technology Company Ltd. (JA Zhabei) and JA Solar Technology
Yangzhou Company, Ltd. (JA Yangzhou). JA Solar's solar cell
manufacturing facilities are located in Ningjin, Hebei Province
and Yangzhou, Jiangsu Province. Its solar module manufacturing
facilities are located in Fengxian, Shanghai and silicon wafer
manufacturing facilities are located in Lianyungang, Jiangsu
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