JinkoSolar Holdings Co. (NYSE: JKS) Monday reported a sharp decline in net profit for the first quarter of 2024 when the solar power company’s revenues dropped modestly.
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Revenues of the China-based company edged down 1% annually to $3.19 billion in the March quarter. Adjusted net income attributable to shareholders, excluding special items, was $65.1 million in Q1, which is sharply lower than the profit recorded in the prior year quarter.
On an unadjusted basis, the company reported a net profit of $84.4 million or $0.74 per ADS for the first quarter. During the quarter, total solar module shipments increased 53% year-over-year to 19,993 MW.
