JA Solar 2010 revenue US$1.78 billion: total 2011 PV shipments to pass 2.2GW (corrected)

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Citing 2010 as being a transformational year for the company, Dr. Peng Fang, CEO of JA Solar, noted that annual revenues increased 211%, while PV shipments increased by 187%. Revenue for the year was US$1.78 billion, PV shipments reached 1.46GW. (Correction: An earlier version of this story had the revenue amount at $1.78 million, sted billion) Strong growth is expected in 2011. JA Solar guided total cell and module shipments to exceed 2.2GW in 2011, a 50% increase over 2010. Module shipments are expected to be approximately 500MW to 600MW. Signed supply contracts for 2011 are more than 2GW, representing approximately 90% of expected shipments this year.

“2010 was a transformational year for our company, with annual revenues growing by 211% and shipments rising by 187% as we enhanced our position as one of the global leaders in the solar industry,” said Dr. Peng Fang, CEO of JA Solar. “During the year, we firmly established JA Solar as the market leader in solar cell production and shipment. Customers worldwide responded to our clear advantages in technology, quality and cost, enabling us to build a very healthy and diversified global customer base.”

“With demand for our products currently well ahead of what we can produce, we intend to quickly ramp up production capacity in 2011. In particular, we intend to increase solar cell production capacity to more than 3GW, while module capacity is expected to increase to 800MW and wafer capacity to 600MW by year-end,” added Dr. Fang.

JA Solar also reported fourth quarter results with total shipments in the quarter reaching a record 463MW, up from 418MW in the previous quarter and an 11% q-on-q increase.

Revenue in the fourth quarter reached US$584.3 million, an increase of 6.6% compared to the third quarter. 

Gross profit for the quarter was US$112.2 million, compared with US$123.6 million in the third quarter of 2010.  Gross margin was 19.2% in the fourth quarter of 2010, compared with 22.5% in the third quarter of 2010, perhaps the only negative aspects from an otherwise significant 2010 for the company.

Total gross profit in full year 2010 was US$385.8 million, a 428.5% increase on last year's year's profit of US$73 million. Operating income was US$299.6 million, a significant increase over the previous year when JA Solar reported an operating income of US$14.2 million.

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