Categories AlphaGraphs, Earnings, Technology

JinkoSolar’s Q1 results beat estimates

JinkoSolar Holding Co. Ltd. (NYSE: JKS) reported first-quarter 2019 earnings and revenues that topped expectations. Shares were down 0.54% in premarket hours on Friday.

Total revenues were RMB5.82 billion ($867.5 million), up 27.5% from the same period last year and ahead of forecasts of $861 million. The growth was mainly due to an increase in the shipment of solar modules, partially offset by a decline in the average selling price of solar modules.

JinkoSolar reports first quarter 2019 earnings results

Net income attributable to ordinary shareholders was RMB40.2 million ($6 million) compared to RMB3.6 million in the prior-year quarter. Diluted earnings per ADS were RMB1.016 ($0.152).

Adjusted net income was RMB33.3 million ($5 million) compared to RMB11 million last year. Adjusted diluted earnings per ADS were RMB0.840 ($0.124), ahead of projections of $0.10 per share.

JinkoSolar’s CEO Mr. Kangping Chen said, “We continue to see strong demand from overseas markets and have secured the vast majority of our order book for the rest of the year. The global solar market continues to generate rapid and sustainable growth momentum as grid parity approaches, in particular for our high-efficiency mono products which are continuously in short supply. Our global distribution network allowed us to quickly meet growing demand for our high-efficiency mono products over the past few quarters as the market transitioned. We are accelerating the expansion of our high-efficiency mono production capacity and estimate they will account for over 60% of our total shipments for the year.”

Total solar module shipments were 3,037 MW, up 50.7% from 2,015 MW in the year-ago quarter. As of March 31, 2019, the company’s in-house annual silicon wafer, solar cell and solar module production capacity was 10.5 GW (including 6.5 GW of mono wafers), 7 GW (including 5.4 GW of PERC cells) and 11 GW, respectively.

JinkoSolar expects its annual silicon wafer, solar cell and solar module production capacity to reach 15 GW (including 11.5 GW of mono wafers), 10 GW (including 9.2 GW of PERC cells) and 16 GW, respectively, by the end of 2019.

For the second quarter of 2019, JinkoSolar estimates total solar module shipments to be in the range of 3.2 GW to 3.3 GW. For the full year of 2019, the company estimates total solar module shipments to be in the range of 14 GW to 15 GW.

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

Infographic: Nvidia (NVDA) Q4 revenue up 61%; earnings beat

Nvidia Corporation (NASDAQ: NVDA) Wednesday said its fourth-quarter revenues and profit increased in double-digits amid elevated demand. The results also topped the Street view, driving the stock higher during the

Nutanix (NTNX) Earnings: 2Q21 Key Numbers

Nutanix (NASDAQ: NTNX) reported second quarter 2021 earnings results today. Total revenue remained flat at $346.4 million compared to the same period a year ago. GAAP net loss was $287.3

Macy’s (M) expects digital channels to generate approx. $10 billion in sales by 2023

Shares of Macy’s Inc. (NYSE: M) were down 2.7% in morning trade on Wednesday. The stock has gained 37% since the beginning of the year. A day ago, the retailer

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top