Wednesday, May 16, 2007 3:25:14 AM
JASO $25-29-25 beats by $0.03; reaffirms FY07 guidance (27.89 ) : Reports Q1 (Mar) earnings of $0.20 per share, $0.03 better than the Reuters Estimates consensus of $0.17. Co reaffirms guidance for FY07, sees FY07 revs of $280-290 mln vs. $290.12 mln consensus. Based on current market conditions and customer forecasts, the Company is reiterating its production outlook for 2007 to be approximately 100MW.
JASO Solar Conf Call Summary (25.61 -2.28) -Update : Co. saying that they don't want to overpromise so they are keeping FY guidance the same(implied that they are being conservative). Co. very reluctant to give any kind of outlook for Q2. Contracts still cover 80% of FY07 guidance. Saying German demand is strengthening again. Think ASPs will be down 3-5% for the year compared to the 5-7% numbers given by many of their competitors. Co. noting inventory growth brought it to adequate levels as they see demand growing in Q2. When asked about actual price declines that were greater than the 5% expected, Co. responded that they thought that prices were at unsupportable levels and have come down to a place where they expect them to be stable going forward.
JA Solar: Positive report; guidance likely conservative - AmTech (26.15 -1.74) -Update : AmTech notes that JASO reported March qtr revs better than consensus expectations at $43.4 mln, as well as better than expected EPS of $0.20. They also note the co also reiterated its FY07 guidance of 100MW produced, $280-$290 mln in rev, and a gross margin of ~19.5%. Given the inventory build over the last 2 qtr to support higher rev levels, as well as initial shipments being made into SPWR/PowerLight beginning this yr, they believe revenue guidance is likely conservative.
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JASO Solar Conf Call Summary (25.61 -2.28) -Update : Co. saying that they don't want to overpromise so they are keeping FY guidance the same(implied that they are being conservative). Co. very reluctant to give any kind of outlook for Q2. Contracts still cover 80% of FY07 guidance. Saying German demand is strengthening again. Think ASPs will be down 3-5% for the year compared to the 5-7% numbers given by many of their competitors. Co. noting inventory growth brought it to adequate levels as they see demand growing in Q2. When asked about actual price declines that were greater than the 5% expected, Co. responded that they thought that prices were at unsupportable levels and have come down to a place where they expect them to be stable going forward.
JA Solar: Positive report; guidance likely conservative - AmTech (26.15 -1.74) -Update : AmTech notes that JASO reported March qtr revs better than consensus expectations at $43.4 mln, as well as better than expected EPS of $0.20. They also note the co also reiterated its FY07 guidance of 100MW produced, $280-$290 mln in rev, and a gross margin of ~19.5%. Given the inventory build over the last 2 qtr to support higher rev levels, as well as initial shipments being made into SPWR/PowerLight beginning this yr, they believe revenue guidance is likely conservative.
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