JA Solar announced its unaudited financial results for its third quarter ended September 30, 2014. Although its PV cells shipment decreased, strong demands to PV modules among the APAC region (China excepted) increased JA Solar’s module shipment by 57% y-o-y and 15.2% Q-o-Q. The fact also drove the net revenue and gross profit to grow both quarterly and yearly.

Third Quarter 2014 Highlights

• Total shipments were 785.4MW, increases of +57.0% y/y and +15.2% sequentially
• Shipments of modules and module tolling were 693.5 MW, increases of +127.4% y/y and +55.6% sequentially
• Shipments of cells and cell tolling were 91.9 MW, decreases of 52.9% y/y and 61.1% sequentially
• Net revenue was RMB 3.0 billion ($492.2 million), an increase of +71.8% y/y and +24.7% sequentially
• Gross margin was 15.0%, an increase of 370 basis points y/y but a decrease of 20 basis points sequentially
• Operating profit was RMB 189.6 million ($30.9 million), compared to an operating loss of RMB 31.6 million ($5.2 million) in the third quarter of 2013, and an operating profit of RMB 89.7 million ($14.6 million) in the second quarter of 2014
• Net income was RMB 155.4 million ($25.3 million), compared to a net loss of RMB 227.0 million ($37.0 million) in the third quarter of 2013, and a net income of RMB 40.1 million ($6.5 million) in the second quarter of 2014
• Earnings per diluted ADS were RMB 2.55 ($0.42), compared to a loss per diluted ADS of RMB 6.77 ($1.10) in the third quarter of 2013, and an earnings per diluted ADS of RMB 0.59 ($0.10) in the second quarter of 2014
• Cash and cash equivalents were RMB 1.7 billion ($279.5 million), a decrease of RMB 312.8 million ($51.0 million) during the quarter
• Operating cash flow was negative RMB 184.1 million ($30.0 million), compared to negative RMB 84.0 million ($13.7 million) in the second quarter of 2014
• Non-GAAP earnings1 per diluted ADS were RMB 1.30 ($0.21), compared to Non-GAAP loss per diluted ADS of RMB 2.24 ($0.36) in the third quarter of 2013, and Non-GAAP earnings per diluted ADS of RMB 0.87 ($0.14) in the second quarter of 2014