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JinkoSolar (JKS) Q3 Earnings Miss Estimates, Sales Up Y/Y
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JinkoSolar Holding Co., Ltd. (JKS - Free Report) reported third-quarter 2017 earnings per American Depositary Share (ADS) of 4 cents that missed the Zacks Consensus Estimate of 17 cents by 76.5%. The reported figure also declined 95.7% from the year-ago quarter earnings of 92 cents per ADS.
Total Revenues
In the quarter under review, JinkoSolar’s total revenues of $964.8 million surpassed the Zacks Consensus Estimate of $875 million by 10.2%. The top line also increased 12.8% on a year-over-year basis.
The year-over-year top-line improvement was mainly attributable to increase in solar module shipments, which was partially offset by a decline in average selling price of solar modules.
JinkoSolar Holding Company Limited Price, Consensus and EPS Surprise
In third-quarter 2017, total solar product shipment was 2,374 megawatts, up 47.8% year over year. Shipments, however, declined 17.7%, sequentially.
JinkoSolar’s total operating expenses increased 14.8% year over year to $102.3 million, primarily owing to increase in shipping costs that was in line with the increase in solar module shipments.
The company incurred $7.9 million as interest expenses, down 60.6%. The decline can be attributable to a decrease in interest expenses associated with the discounted notes receivable.
Financial Condition
As of Sep 30, 2017, JinkoSolar had cash and cash equivalents of $371.1 million, up from $360.3 million as of Dec 31, 2016.
Total interest bearing debts as of Sep 30 were $1.24 billion compared with $891.7 million as of Dec 31, 2016.
Guidance
For fourth-quarter 2017, JinkoSolar expects total solar module shipments in the range of 2.3-2.5 gigawatts (GW).
For 2017, the company has raised its guidance. The company currently projects total solar module shipments in the band of 9.6-9.8 GW, compared to prior expectation range of 8.5-9.0 GW.
Peer Releases
First Solar Inc. (FSLR - Free Report) reported third-quarter 2017 adjusted earnings of $1.95 per share, beating the Zacks Consensus Estimate of 85 cents by a whopping 129.4%. Its revenues of $1,087 million in the quarter surpassed the Zacks Consensus Estimate of $824 million by 31.9%.
SunPower Corp. (SPWR - Free Report) reported third-quarter 2017 earnings of 21 cents per share. The Zacks Consensus Estimate was pegged at a loss of 36 cents. In the year-ago period, the company had reported earnings of 88 cents per share.
Canadian Solar Inc. (CSIQ - Free Report) reported third-quarter 2017 adjusted earnings of 22 cents per share, in line with the Zacks Consensus Estimate. The figure was lower than earnings of 27 cents per share recorded a year ago.
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JinkoSolar (JKS) Q3 Earnings Miss Estimates, Sales Up Y/Y
JinkoSolar Holding Co., Ltd. (JKS - Free Report) reported third-quarter 2017 earnings per American Depositary Share (ADS) of 4 cents that missed the Zacks Consensus Estimate of 17 cents by 76.5%. The reported figure also declined 95.7% from the year-ago quarter earnings of 92 cents per ADS.
Total Revenues
In the quarter under review, JinkoSolar’s total revenues of $964.8 million surpassed the Zacks Consensus Estimate of $875 million by 10.2%. The top line also increased 12.8% on a year-over-year basis.
The year-over-year top-line improvement was mainly attributable to increase in solar module shipments, which was partially offset by a decline in average selling price of solar modules.
JinkoSolar Holding Company Limited Price, Consensus and EPS Surprise
JinkoSolar Holding Company Limited Price, Consensus and EPS Surprise | JinkoSolar Holding Company Limited Quote
Quarterly Highlights
In third-quarter 2017, total solar product shipment was 2,374 megawatts, up 47.8% year over year. Shipments, however, declined 17.7%, sequentially.
JinkoSolar’s total operating expenses increased 14.8% year over year to $102.3 million, primarily owing to increase in shipping costs that was in line with the increase in solar module shipments.
The company incurred $7.9 million as interest expenses, down 60.6%. The decline can be attributable to a decrease in interest expenses associated with the discounted notes receivable.
Financial Condition
As of Sep 30, 2017, JinkoSolar had cash and cash equivalents of $371.1 million, up from $360.3 million as of Dec 31, 2016.
Total interest bearing debts as of Sep 30 were $1.24 billion compared with $891.7 million as of Dec 31, 2016.
Guidance
For fourth-quarter 2017, JinkoSolar expects total solar module shipments in the range of 2.3-2.5 gigawatts (GW).
For 2017, the company has raised its guidance. The company currently projects total solar module shipments in the band of 9.6-9.8 GW, compared to prior expectation range of 8.5-9.0 GW.
Peer Releases
First Solar Inc. (FSLR - Free Report) reported third-quarter 2017 adjusted earnings of $1.95 per share, beating the Zacks Consensus Estimate of 85 cents by a whopping 129.4%. Its revenues of $1,087 million in the quarter surpassed the Zacks Consensus Estimate of $824 million by 31.9%.
SunPower Corp. (SPWR - Free Report) reported third-quarter 2017 earnings of 21 cents per share. The Zacks Consensus Estimate was pegged at a loss of 36 cents. In the year-ago period, the company had reported earnings of 88 cents per share.
Canadian Solar Inc. (CSIQ - Free Report) reported third-quarter 2017 adjusted earnings of 22 cents per share, in line with the Zacks Consensus Estimate. The figure was lower than earnings of 27 cents per share recorded a year ago.
Zacks Rank
JinkoSolar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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