Guidance up, but no profit for JA
JA Solar boosted its shipments, revenues and margin, but failed to bounce back to profitability in the third quarter.
JA shipped 500MW of PV kit during the quarter – 305MW of it modules – beating its quarterly guidance, and upwardly revised its full-year guidance to 1.9GW-1.95GW.
Gross margin rose to 11.3%, compared to 8.1% last quarter.
Yet JA reported a quarterly net loss of 227m yuan ($37.1m), deeper than its 132m yuan loss last quarter. The loss comes at a time when several key rivals have returned to profitability.
Chief executive Baofang Jin nevertheless offered one of the most optimistic takes to date from a major Chinese producer on the industry’s dynamics, saying the supply-demand balance has grown “much healthier” for PV globally.
JA is seeing “improvement in the macro environment and increased installation activity across key markets”, says Jin, noting that the company made “tremendous progress” in the US market in particular during the past quarter.
The percentage of JA's shipments going to Asia (excluding China) soared to 39.3% during the quarter, largely due to the strength of the Japanese market, compared to just 8.9% during the same quarter last year.