Jinko Solar Holding Co. Ltd. (JKS) beat market expectations on revenue numbers for the second quarter of 2018 but missed on earnings. The solar panel-maker reported total revenues of $915.9 million, a decrease of 23.5% from the same period last year, mainly due to declines in the average selling price and shipments of solar modules. Jinko Solar shares fell 5% during pre-market trading.
Net income attributable to ordinary shareholders was $15 million compared to $7 million last year. Diluted earnings per ordinary share were $0.095, which translates into earnings per ADS of $0.380.
Adjusted net income was $16.1 million, or $0.102 per ordinary share, while adjusted earnings per ADS was $0.408.
![JinkoSolar Holding second quarter 2018 earnings JinkoSolar Holding second quarter 2018 earnings](https://cdn.news.alphastreet.com/wp-content/uploads/2018/08/JinkoSolar-Holding-Q2-2018-Earnings-Infographic-608x1024.png)
Total solar module shipments were 2,794 megawatts, down 3.1% from the prior-year period. At quarter-end, Jinko’s in-house annual silicon wafer production capacity was 9 GW while the solar cell and solar module production capacities were 5 GW and 9 GW respectively.
For the third quarter of 2018, Jinko estimates total solar module shipments to be 2.8 GW to 3 GW. For the full year of 2018, total solar module shipments are expected in the range of 11.5 GW to 12 GW.
In June, Jinko’s subsidiary JinkoSolar (US) Inc. entered into a three-year agreement to supply 1.43 GW of high-efficiency modules to sPower.
Most Popular
Broadcom (AVGO) reports higher Q3 revenue and profit; results beat estimates
Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) reported higher revenues and adjusted earnings for the third quarter of 2024 amid continued strong demand. The Q3 numbers also topped expectations. Earnings, excluding
Key takeaways from Hewlett Packard’s (HPE) Q3 2024 earnings report
Hewlett Packard Enterprise (NYSE: HPE) has delivered stronger-than-expected third-quarter results amid significant conversion in AI system revenues. The prospects for the company's AI server and edge computing businesses look promising
Hormel Foods (HRL): Factors that put a damper on the food company’s Q3 performance
Shares of Hormel Foods Corporation (NYSE: HRL) were up over 2% on Thursday. The stock is recovering from a fall it took a day ago after the company delivered mixed