Tuesday, February 24, 2009

JA Solar lowers 2009 revenue expectations

Associated Press, 02.11.09

Chinese solar cell maker JA Solar Holdings Co. on Wednesday again lowered its revenue forecast for 2009, citing global financial weakness and tight credit markets.

Shares of the company tumbled on the news, dropping 25 cents, or 8.3 percent, to $2.76 in aftermarket trading, having closed the regular session at $3.01.

The company currently expects 2009 revenue of $830 million to $952 million. Analysts surveyed by Thomson Reuters, on average, expect 2009 revenue of $993.8 million.

In November, the company cut its revenue projection to between $1.43 billion and $1.66 billion from a prior forecast of $2 billion to $2.2 billion.

JA Solar (nasdaq: JASO - news - people )'s target for total production output is now 500 megawatts to 550 megawatts. The nameplate production capacity by year-end 2009 is now expected to be 875 megawatts.

Based in Shanghai with manufacturing operations in Hebei and Yangzhou, China, JA Solar Holdings is a leading manufacturer of high-performance solar cells. The company sells its products to solar manufacturers worldwide, who assemble and integrate solar cells into modules and systems that convert sunlight into electricity for residential, commercial and utility-scale power generation.

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