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JA Solar (JASO) Reports Q4 Earnings, Revenues Down Y/Y
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JA Solar Holdings Co., Ltd. posted fourth-quarter 2016 adjusted earnings of 98 cents per diluted American Depositary Share (ADS). The Zacks Consensus Estimate stood at a loss of 7 cents.
Earnings improved 96% from 50 cents in the year-ago period.
For 2016, the company reported earnings per ADS of $2.14 per share, beating the Zacks Consensus Estimate of 73 cents by 193.2%.
Total Revenue
JA Solar’s revenues in the reported quarter were $575.9 million, comfortably beating the consensus mark of $524 million by 9.9%. However, the reported figure declined 18.8% from the year-ago level on strong shipments to key markets, which met the company’s guidance.
Full-year revenues came in at $2.3 billion, up 16.4% from the year-ago figure of $1.9 billion.
Q4 Shipments
Total shipments in the fourth quarter of 2016 were 1,416.2 megawatts (“MW”), nearly all of which were modules and cells shipped to external customers. So, external shipments were also 1,411.9 MW, up 5.5% year over year.
The year-over-year improvement in external shipments was attributable to a 4.3% upside in module shipment and 4.3% growth was witnessed in cells and cell tolling.
The increase in shipments came on the back of strong demand from China, which constituted 58% of the quarter’s total shipment. Shipments to South America rose to 5.6% of the total, from 0% in the year-ago quarter. Asia-Pacific (excluding China) markets, however, witnessed a considerable drop, having contributed 25.2% to total shipments, compared with 40.5% a year ago. Europe also witnessed a slowdown with shipments constituting 3.3% of the total, a considerable drop from 5.1% a year ago. North America also saw a decline with shipments constituting 7.4% of the total in the reported quarter compared with 8.4% in the year-ago quarter.
Highlights of the Release
Gross profits were $74.4 million, down 38.6% year over year. Gross margin, also, contracted 420 basis points year over year to 12.9%.
Total operating expenses of $20.9 million represented 3.6% of revenues, compared to the year-ago figure constituting 11.4% of revenues. Operating profit was $53.4 million, compared with $37.5 million in the year-ago quarter.
Interest expenses totaled $10.5 million, up from $9.5 million a year ago.
JA Solar Holdings, Co., Ltd. Price, Consensus and EPS Surprise
At the end of fourth-quarter 2016, JA Solar had a cash balance of $370.1 million, compared with $445.1 million at 2015-end. Total long-term borrowings were $464.7 million as of Dec 31, 2016.
Guidance
JA Solar expects to ship 1.2–1.3 gigawatts (“GW”) of cells and modules in the first quarter of 2017, with essentially all being external shipments.
For 2017, the company expects to ship 6–6.5 GW of cells and modules, which includes 200–250 MW of module shipments to the company’s downstream projects.
First Solar Inc. (FSLR - Free Report) reported fourth-quarter 2016 earnings of $1.24 per share, beating the Zacks Consensus Estimate of 97 cents by 27.8%. The reported number, however, declined 22.5% from the prior-year figure of $1.60.
SunPower Corp. (SPWR - Free Report) reported fourth-quarter 2016 loss of 73 cents per share, wider than the Zacks Consensus Estimate of loss of 51 cents. In the year-ago period, the company had posted earnings of $1.62 per share.
JinkoSolar Holding Co., Ltd. (JKS - Free Report) reported fourth-quarter 2016 non-GAAP earnings per ADS of 88 cents, missing the Zacks Consensus Estimate of $1.33 by 33.8%. The reported figure also declined 62.4% from the year-ago quarter earnings of $2.34 per ADS.
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JA Solar (JASO) Reports Q4 Earnings, Revenues Down Y/Y
JA Solar Holdings Co., Ltd. posted fourth-quarter 2016 adjusted earnings of 98 cents per diluted American Depositary Share (ADS). The Zacks Consensus Estimate stood at a loss of 7 cents.
Earnings improved 96% from 50 cents in the year-ago period.
For 2016, the company reported earnings per ADS of $2.14 per share, beating the Zacks Consensus Estimate of 73 cents by 193.2%.
Total Revenue
JA Solar’s revenues in the reported quarter were $575.9 million, comfortably beating the consensus mark of $524 million by 9.9%. However, the reported figure declined 18.8% from the year-ago level on strong shipments to key markets, which met the company’s guidance.
Full-year revenues came in at $2.3 billion, up 16.4% from the year-ago figure of $1.9 billion.
Q4 Shipments
Total shipments in the fourth quarter of 2016 were 1,416.2 megawatts (“MW”), nearly all of which were modules and cells shipped to external customers. So, external shipments were also 1,411.9 MW, up 5.5% year over year.
The year-over-year improvement in external shipments was attributable to a 4.3% upside in module shipment and 4.3% growth was witnessed in cells and cell tolling.
The increase in shipments came on the back of strong demand from China, which constituted 58% of the quarter’s total shipment. Shipments to South America rose to 5.6% of the total, from 0% in the year-ago quarter. Asia-Pacific (excluding China) markets, however, witnessed a considerable drop, having contributed 25.2% to total shipments, compared with 40.5% a year ago. Europe also witnessed a slowdown with shipments constituting 3.3% of the total, a considerable drop from 5.1% a year ago. North America also saw a decline with shipments constituting 7.4% of the total in the reported quarter compared with 8.4% in the year-ago quarter.
Highlights of the Release
Gross profits were $74.4 million, down 38.6% year over year. Gross margin, also, contracted 420 basis points year over year to 12.9%.
Total operating expenses of $20.9 million represented 3.6% of revenues, compared to the year-ago figure constituting 11.4% of revenues. Operating profit was $53.4 million, compared with $37.5 million in the year-ago quarter.
Interest expenses totaled $10.5 million, up from $9.5 million a year ago.
JA Solar Holdings, Co., Ltd. Price, Consensus and EPS Surprise
JA Solar Holdings, Co., Ltd. Price, Consensus and EPS Surprise | JA Solar Holdings, Co., Ltd. Quote
Financial Condition
At the end of fourth-quarter 2016, JA Solar had a cash balance of $370.1 million, compared with $445.1 million at 2015-end. Total long-term borrowings were $464.7 million as of Dec 31, 2016.
Guidance
JA Solar expects to ship 1.2–1.3 gigawatts (“GW”) of cells and modules in the first quarter of 2017, with essentially all being external shipments.
For 2017, the company expects to ship 6–6.5 GW of cells and modules, which includes 200–250 MW of module shipments to the company’s downstream projects.
Zacks Rank
JA Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
First Solar Inc. (FSLR - Free Report) reported fourth-quarter 2016 earnings of $1.24 per share, beating the Zacks Consensus Estimate of 97 cents by 27.8%. The reported number, however, declined 22.5% from the prior-year figure of $1.60.
SunPower Corp. (SPWR - Free Report) reported fourth-quarter 2016 loss of 73 cents per share, wider than the Zacks Consensus Estimate of loss of 51 cents. In the year-ago period, the company had posted earnings of $1.62 per share.
JinkoSolar Holding Co., Ltd. (JKS - Free Report) reported fourth-quarter 2016 non-GAAP earnings per ADS of 88 cents, missing the Zacks Consensus Estimate of $1.33 by 33.8%. The reported figure also declined 62.4% from the year-ago quarter earnings of $2.34 per ADS.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>