JA Solar Holdings Co., Ltd. announced its unaudited financial results for its first quarter ended March 31, 2014. The module shipments were higher than the previous quarter and thus exceeded the guidance. However, net income, operating profit and other indexes represented the downturn of the PV industry.

First Quarter 2014 Highlights

• Shipments were 638.1MW, consisting of 388.0 MW of modules and 250.1 MW of cells and cell tolling, above the high end of the Company’s previous guidance of 610 MW
• Net revenue was RMB 2.3 billion (US $366.0 million), an increase of 5.2% from the fourth quarter of 2013 and an increase of 35.7% from the first quarter of 2013
• Gross margin was 16.7%, compared with 15.5% in the fourth quarter of 2013 and 6.0% in the first quarter of 2013
• Operating profit was RMB 160.9 million ($25.9 million), an increase of 173.2% from an operating profit of RMB 58.9 million ($9.5 million) in the fourth quarter of 2013, and compared with an operating loss of RMB 85.2 million ($13.7 million) in the first quarter of 2013
• Net income was RMB 85.0 million ($13.7 million), compared with a net income of RMB 139.5 million ($22.4 million) in the fourth quarter of 2013. Earnings per diluted ADS were RMB 1.41 ($0.23), compared with a profit per diluted ADS of RMB 1.92 ($0.31) in the fourth quarter of 2013
• Cash and cash equivalents at the end of the quarter were RMB 1.9 billion ($313.4 million), compared with RMB 2.1 billion ($341.0 million) at the end of the fourth quarter of 2013
• Operating cash flow was positive RMB 198.2 million ($31.9 million), compared with positive RMB 366.1 million ($58.9 million) in the fourth quarter of 2013
• Non-GAAP net earnings attributable to the Company's ordinary shareholders were RMB 116.2 million ($18.7 million), compared to a non-GAAP net earnings attributable to the Company's ordinary shareholders of RMB 55.1 million ($8.9 million) in the fourth quarter of 2013
• Non-GAAP earnings per diluted ADS in the first quarter of 2014 were RMB 1.99 ($0.32), compared to Non-GAAP gain per diluted ADS of RMB 0.94 ($0.15) in the fourth quarter of 2013