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Why JA Solar Holdings (JASO) Is Soaring on Monday

Stocks in this article: JASO

NEW YORK (TheStreet) -- JA Solar Holdings (JASO) is soaring on Monday after reporting a better-than-expected fourth quarter before the bell.

By market open, shares had popped 10.8% to $12.65.

The Shanghai-based solar energy developer posted net income of 16 cents a share for the three months to December. Analysts surveyed by Thomson Reuters had anticipated net income of a penny a share.

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Revenue of $357.31 million was 29% higher year over year and $65.5 million more than analysts expected. The company shipped a total 665.5 megawatts (MW), consisting of 363.3 MW of modules and 302.2 MW of cells.

"In 2014, we plan to build out our position in key markets across Asia, Europe and North America, while exploring opportunities in fast-growing regions including Latin America and the Middle East, where we have gained a solid foothold in recent months," said chairman and CEO Baofang Jin.

For its first quarter 2014, the company expects total cell and module shipments between 580 MW and 610 MW.

For the full year, shipments are expected in the range of 2.7 gigawatts to 2.9 gigawatts.

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