10/1/2008 (RTTNews) - JA Solar Holdings Co., Ltd., a China-based developer of photovoltaic solar cells, Wednesday reconfirmed its revenue guidance for fiscal 2008 and 2009, both indicated to be above the market expectation.
The company said it continues to expect revenues for fiscal 2008 to be in the range of RMB 7.22 billion or US1.05 billion to RMB 8.02 billion or US$1.17 billion. Full year gross margin is still estimated to be more than 20%.
On average, 14 analysts polled by First Call/Thomson Financial expect the company to report revenues of US$1.05 billion for 2008.
JA Solar reiterated its fiscal 2009 revenue guidance in the range of RMB 13.6 billion or US$2.0 billion to RMB 15.0 billion or US$2.2 billion. The company continues to expect its 2009 gross margin to be above 20%.
Analysts expect revenues of US$1.92 billion for fiscal 2009.
The company notified that the translation of RMB to US dollars in the guidance is based on the translation rate applied in the 2008 second quarter.
Additionally, JA Solar said it still expects its average selling prices for fiscal 2009 to drop between 8% and 10% from last year on an RMB basis.
The company plans to reserve a major portion of its remaining 2009 projected output for potential strategic partners in Europe and the U.S and continues to be cautiously optimistic about the potential for raising its 2009 projected output beyond 700 MW.
JA Solar is currently trading on the Nasdaq at $11.33, up $0.79 or 7.50%, on a volume of about 3.46 million shares.
by RTT Staff Writer
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