The solar energy sector has been beaten down for the better part of the last year. There have been concerns about over-supply of product and low demand because of the economy.
JA Solar (NASDAQ:JASO) broke out of the pack of solar stocks by upping guidance and announcing a share buyback.
JA Solar shares moved up 10% to $5.97, just short of its 52-week high. The stock of larger peer Suntech Power (NYSE:STP) also rose.
Based on strong customer demand for JA Solar’s products, the company expects shipments for the fourth quarter of 2009 to exceed 210MW, compared with prior guidance in the range 170MW to 200MW. For the full year 2009, the company expects shipments to exceed 488MW, compared with prior guidance in the range of 448MW to 478MW. For the full year 2010, the company expects shipments to be in the range of 750MW to 800MW.
JA Solar also said that its Board of Directors has approved a share repurchase program, effective Dec. 14, 2009. Under this program, JA Solar is approved to repurchase up to an aggregate of US$75 million of its American Depositary Shares, or ADSs, representing its ordinary shares.
Douglas A. McIntyre
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
