PV manufacturer JA Solar reported a 55.6% increase in module shipments in the third quarter and generated revenue of US$492.2 million, up 24.7% sequentially.
The company reported total shipments of 785.4MW, a 57.0% year-on-year increase and 15.2% higher than the previous quarter and above the high end of the previously announced guidance of 730MW to 760MW. JA Solar also shipped 27.1MW of modules to its downstream projects in the quarter.
Operating profit was US$30.9 million and net income was US$25.3 million in the third quarter of 2014.
The company reported a gross profit of US$74.0 million, up 128.5% year-on-year and 23.5% sequentially. Gross margin was 15.0%, compared to 11.3% in the year-ago quarter, and 15.2% in the second quarter of 2014.
Baofang Jin, chairman and CEO of JA Solar said: “JA Solar delivered strong results in the third quarter, as our strategic shift from cells to modules started to come to fruition. While we remain a leader in cell technology and cell manufacturing, higher margin module sales has become one of the key results drivers at JA. Module sales more than doubled year over year and were up 52% sequentially, mainly due to robust growth in sales to Japan and China. In fact, our capacity is fully booked for the fourth quarter, resulting in some of the best visibility we have had in some time.”
The company guided total cell and module shipments to be in the range of 850MW to 900MW in the fourth quarter, with full-year 2014 shipments expected to be in the range of 3.1GW to 3.2GW.
JA Solar said it expected to ship 160MW of modules to its downstream projects, compared with the previously guided 200MW.