JA Solar ( JASO) shares rose Tuesday after the company beat analysts' targets for revenue in the fourth quarter and offered guidance that was in line with Wall Street's expectations.

The Shanghai-based manufacturer of solar cells reported an adjusted fourth-quarter loss of $13 million, or 11 cents a share, swinging from a year-ago profit of $28.7 million, or 15 cents a share, and a third-quarter profit of $61 million, or 24 cents share.

Revenue in the fourth quarter declined 6.9% from a year ago to $143.5 million and was down almost 54% from the previous quarter. On average, analysts polled by Thomson Reuters expected a loss of 2 cents a share on revenue of $117.9 million.

Looking ahead, JA Solar said it expects 2009 revenue to be in a range of $830 million to $952 million, compared with Wall Street's average forecast of $853.9 million.

JA Solar said that at the end of 2008, it had cash and cash equivalents of $282.8 million, investments of $10 million, and total working capital of $433.8 million.

During the fourth quarter, JA Solar said it conducted open market repurchases of convertible notes due 2013, buying back $78.5 million worth of the convertible notes for a total cash consideration of $26.6 million. As a result, JA Solar said it realized a net gain of $29.8 million. Total long-term debt outstanding at the end of 2008 was $321.5 million, the company said.

Shares of JA Solar were rising 5.8% to $2.07 in early trading. Among its rivals, Solarfun Power Holdings ( SOLF) shares were up 3.4% to $2.41, and Suntech Power Holdings ( STP) was gaining 9.3% to $5.75.

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