JinkoSolar Holding (JKS) Q1 profit soars on higher solar modules

JinkoSolar Holding Co. Ltd. (NYSE: JKS) reported a 602% jump in earnings for the first quarter of 2020 as higher solar module shipments drove the top-line higher.

While expecting global installations to fall by around 25% from last year due to the pandemic, the company sees a number of growth opportunities in the near-term as the market consolidates. The company continues to face a variety of challenges so far during Q2 of 2020. Despite falling raw material prices, there has been a significant decline in overall global demand, and varying degrees of logistics and project delays in overseas markets.

For the second quarter of 2020, the company expects total solar module shipments to be in the range of 4.2 GW to 4.5 GW. Total revenue for the second quarter is expected to be in the range of $1.10-1.18 billion and gross margin is predicted to be 16-18%.

For full-year 2020, the company estimates total solar module shipments to be in the range of 18 GW to 20 GW. JinkoSolar expects its annual mono wafer, solar cell, and solar module production capacity to reach 20.0 GW, 11.0 GW (including 900 MW N-type cells), and 25.0 GW, respectively, by the end of 2020.

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