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Jinko Solar, the world's largest solar panel manufacturer, reported better than expected earnings before the open Monday. $JKS, headquartered in Shanghai, China sees for the full year 2018 total solar module shipments to be in the range of 11.5 GW to 11.8 GW.

Jinko Solar

JinkoSolar Holding Co., Ltd. NYSE: JKS Reported Earnings Before Open Wednesday

 $2.30 Missed $2.77 EPS AND $8.34 billion Missed $8.59 billion forecast in revenue. 

Earnings 

JinkoSolar (NYSE: JKS) reported Q3 EPS of $0.76 above market expectations of $0.61 a share. Revenue for the quarter came in at $974.8 million versus the consensus estimate of $934.62 million. Total revenues were RMB6.69 billion (US$974.8 million), an increase of 10.5% from the second quarter of 2018 and an increase of 4.3% from the third quarter of 2017.

Diluted earnings per American depositary share ("ADS") were RMB4.84 (US$0.72) in the third quarter of 2018. Non-GAAP net income attributable to the Company's ordinary shareholders in the third quarter of 2018 was RMB206.3 million (US$30.0 million), compared with RMB106.7 million in the second quarter of 2018 and RMB25.9 million in the third quarter of 2017.

JinkoSolar Holding Co., Ltd. NYSE: JKS

Market Reaction - Pre-market 10.60 USD +1.32 (14.22%)

Highlights

  • Total solar module shipments were 2,953 megawatts ("MW") (including 0.2 MW to the Company's overseas downstream segment for which no revenue has been recognized), an increase of 5.7% from 2,794 MW in the second quarter of 2018 and an increase of 24.4% from 2,374 MW in the third quarter of 2017.
  • As of September 30, 2018, JinkoSolar’s in-house annual silicon wafer, solar cell and solar module production capacity were 9.2 GW, 6.5 GW and 10.0 GW, respectively.
  • Gross margin was 14.9%, compared with 12.0% in the second quarter of 2018, and 12.0% in the third quarter of 2017.
  • Income from operations was RMB188.0 million (US$27.4 million), compared with RMB94.6 million in the second quarter of 2018 and RMB91.9 million in the third quarter of 2017.
  • Net income attributable to the Company's ordinary shareholders was RMB189.1 million (US$27.5 million) in the third quarter of 2018, compared with RMB99.0 million in the second quarter of 2018 and RMB11.3 million in the third quarter of 2017.
  • Diluted earnings per American depositary share ("ADS") were RMB4.84 (US$0.72) in the third quarter of 2018. Non-GAAP net income attributable to the Company's ordinary shareholders in the third quarter of 2018 was RMB206.3 million (US$30.0 million), compared with RMB106.7 million in the second quarter of 2018 and RMB25.9 million in the third quarter of 2017.
  • Non-GAAP basic and diluted earnings per ADS were both RMB 5.28 (US$0.76) in the third quarter of 2018, compared with RMB2.73 and RMB2.71 in the second quarter of 2018 and RMB0.80 and RMB0.76 in the third quarter of 2017.

Outlook

  • JinkoSolar now expects fourth-quarter total solar module shipments to be in the range of 3.7 GW to 4.0 GW. For the full year 2018
  • JKS estimates total solar module shipments to be in the range of 11.5 GW to 11.8 GW.

 

JKS Earnings Q3 18

Source: Jinko Solar, AlphaStreet

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