JA Solar Holdings Co., Ltd. (NASDAQ: JASO) reported a 2008 fourth quarter loss of -$0.11/share, lower than analysts’ estimates of a -$0.02 loss. Revenue for the quarter reached $143.5 million, beating expectations of $117.94 million, but nearly 7% lower than the year-ago quarter and nearly 54% lower sequentially.
When First Solar, Inc. (NASDAQ: FSLR) reported its earnings last month, it showed impressive performance backed by lowered guidance for 2009. Not only did First Solar shares fall on the news, they dragged everyone else down with them.
JA is not likely to pull everyone down with it simply because the shares have already fallen more than 85% in the past year, and the company is really not a bellweather in the solar space the way that First Solar is. Consensus estimates for 2009 revenues were $853.9 million, and JA’s guidance for 2009 puts that number near the low end of the company’s expectations. That’s about right.
JA closed at $2.07/share yesterday, only about half a dollar above its 52-week low. Today’s news report is one that would normally push the company closer its lows. But enthusiasm this morning seems to be prevailing. Whether its gains this morning can hold up is probably not up to the company itself. At 9:20 AM this stock looks like it is up almost 6% at $2.19. Keep in mind that this is still down over 90% from its 52-week high.
Paul Ausick
March 10, 2009
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