JA Solar U.S.-listed Shares Jump 7% Premarket After Earnings Blow Past Estimates

By Ciara Linnane Markets MarketWatch Pulse

JA Solar Holdings Co. Ltd. U.S.-listed shares jumped 7.4% premarket after the Bejing-based company blew past estimates for the second quarter. JA Solar said it had net income of $19.9 million, or 42 cents a share, in the quarter, down from $24.2 million, or 3 cents a share, in the first quarter of 2017. Revenue rose 61% to $878.1 million. The FactSet consensus was for EPS of 3 cents and revenue of $603 million. Total shipments were 2,389.2 megawatts. Chief Executive Baofang Jin said the numbers exceeded the company's expectations, driven by robust shipments in China ahead of subsidy reductions. "We remain cautious on our business outlook as we enter the second half of 2017, given the slowdown in demand in our domestic market, coupled with the uncertainty around the Section 201 trade case in the U.S.," Jin said in a statement. The company is expecting total shipments to range from 1,600 to 1,700 MW in the third quarter. U.S.-listed shares have gained 30% in 2017, while the S&P 500 has gained 8.5%.

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