Updated with recent solar stock movements.
SHANGHAI, China (
American Depositary Shares were plunging early Wednesday morning after the company said its net loss widened in the second-quarter.
JA Solar ADS's were sliding 12.6%, or 66 cents, at $4.59 in mid-afternoon trading.
This morning, the solar cell manufacturer reported a $28.5 million GAAP loss, or 18 cents per ADS. In the year-earlier quarter, JA Solar's loss stood at 1-cent per ADS. The loss remained flat against first-quarter totals.
Results were also hit by a series of events, including charges related to stock-based compensation and a loss on some hedging activities.
Sales for the Chinese-based operation plunged by more than 50% to land at $88 million. In the year-ago period, the company posted $181.1 million in revenue.
A group of analysts surveyed by Thomson Reuters had forecast the company to show a 6-cent loss in the second quarter, coupled with $78 million in revenue. Estimates typically exclude one-time items.
"Looking ahead, we are seeing significant signs of market improvement in both end-market demand and financing," Chairman and CEO Baofang Jin said in a press release. The statement comes after JA Solar surprised many last week when Jin took over the CEO helm from former head Samuel Yang. "We believe our cost structure and customer relationships will drive even stronger third quarter results."
posted its own second-quarter loss. ReneSola's ADS's were losing 30 cents, or 5.3%, at $5.35.
Other solar stocks were mixed this morning.
was losing 40 cents at $146.13.
( SPWRA) was down $1.17, or 3.9%, at $28.94 in the morning.
were tracking in positive territory earlier, but were largely flat later in the morning.
, which will report its earnings after the market close today, was also up 5 cents, or 0.5%, at $11.09.
-- Reported by Sung Moss in New York
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