JA Solar Holdings Co.'s (JASO) fourth-quarter net income rose 34% on a boon in shipments and despite losses from currency fluctuations, which the company said it is addressing going forward.
The company also projected 2008 revenue well above analysts' expectations and boosted its production target for the year. Shares rose to $15.90 during recent premarket trading after closing at $14.58 on Tuesday.
JA Solar's stock had been down more than 40% the past two months. JA Solar, a Chinese manufacturer of high-performance solar cells, posted net income of $13.5 million, or 9 cents a share, compared with $10.1 million, or 11 cents a share, a year earlier. Shares outstanding were 36% higher in the recently ended quarter. Revenue more than tripled to $144.2 million.
The mean estimates of analysts surveyed by Thomson Financial were for earnings of 9 cents a share on revenue of $118 million.
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