Robert Way/iStock Editorial via Getty Images
Shares of JinkoSolar (NYSE:JKS) rose as much as 18.5% on Monday after reporting a revenue beat for the third quarter, benefiting from a surge in demand for its solar products, and the company remains “confident” to exceed shipment guidance for 2023.
Shangrao, China-based JinkoSolar reported Q3 revenue of $4.36 billion, up 63% from last year and ahead of consensus by at least $170 million, helped by shipments that more than doubled from last year to 22,597 MW.
The company said premium high-efficient N-type products accounted for over 60% of total shipments during the third quarter. For Q4, module shipments are expected to be 23.0 GW.
“Since the third quarter, price declines in the supply chain have stimulated end demand. For the first nine months of 2023, newly-added installations of PV in China reached 128.9 GW, nearly 50% more than full-year installations in 2022. Meanwhile, intensified competition brought by changes in supply and demand, accelerated technical iteration, high interest rates in some regions, and geopolitical tensions caused some volatility in the global PV market, and posed challenges on all industry players. We believe that we, as the industry leader, will become even stronger as the competition intensifies,” CEO Xiande Li said in a statement.
Key metrics: gross profit of $840.6 million (+99.7% Y/Y); gross margin of 19.3% vs. 15.7% last year; net income attributable to ordinary shareholders of $181.4 million; adjusted net income of $184.6 million; diluted earnings per ordinary share of $0.63; and diluted earnings per ADS of $2.53.
Shares of the company have fallen 37.3% so far this year since Friday’s close of $25.89.
