JA Solar has published its first-quarter 2010 fiscal year results for the period ended on March 31. Revenue in the first quarter was $279.2 million, an increase from 2009’s fourth-quarter result of $238.4 million. The company attributes an increase in gross margin, to 22.9%, from 20.5% in 2009, to a high utilization rate and manufacturing process improvements with cost control efforts.
“We are pleased with our strong first-quarter results, which saw the highest shipments in our company’s history and exceeded our previous guidance in shipment and gross margin,” said Peng Fang, CEO of JA Solar. “We saw extremely strong customer orders during the first quarter of 2010, with robust demand from all major solar markets, as well as growth from the emerging markets. We are seeing even stronger demand in the second quarter, reflecting JA’s strong market position, technology, quality, and value proposition. We are taking this opportunity to develop stronger relationships with our existing customers, and cultivate partnerships with new strategic customers. Based on current customer orders, we expect the strong market environment to continue through the end of 2010.”
Total shipments for this first quarter were 272MW, an increase from fourth-quarter 2009’s 231MW. Operating income was $51.7 million over 2009’s $36.0 million, with an operating margin of 18.5% from 2009’s 15.1%. Operating cash flow for 2010’s first quarter totaled $62.5 million with incurred capital expenditures of $48.7 million. Cash and cash equivalents were $281.6 million with a total working capital of $464.7 million.
JA Solar looks to increase its shipments in 2010 to over 1GW, with shipments in the second quarter expected around 275MW. Module capacity is anticipated to be over 500MW and wafer capacity over 300MW for the full 2010 year.