JA Solar Stock Soars on Profit News

solar-panelsOn Monday, JA Solar Holdings (JASO) posted a quarterly profit on rising global demand for solar panels. JASO stock surged almost 7% on the news.

For the fourth quarter, JA Solar Holdings said it earned $23 million, compared to a loss of $102.4 million during the year-ago period. JA Solar said it generated revenue of $357.3 million, up 33% year-over-year. JA Solar estimated that annual solar power equipment shipments for 2014 would fall between 2.7 gigawatts and 2.9 gigawatts in capacity, compared to 2.1 gigawatts last year, Reuters noted.

During the first quarter, JA Solar predicted solar power cell and module shipments of between 580 megawatts and 610 megawatts in capacity. That was lower than the shipments of 665.5 megawatts in capacity during the fourth quarter.

JA Solar CEO Baofang Jin said that the company expected to see continued strong demand for solar panels in Japan and was moving to build its share of the solar power market in the United Kingdom. He noted that China was becoming a “cornerstone” of worldwide solar power demand.

On Friday, JA Solar stock closed at $11.42 a share. JASO stock has jumped 160% over the past twelve months.

Article printed from InvestorPlace Media, https://investorplace.com/2014/03/ja-solar-stock-soars-profit-news/.

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