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JinkoSolar Holding Co. Ltd.’s (JKS - Free Report) share price has increased 3.9% to $49.61 per share since its earnings release on Apr 28, 2023.
JinkoSolar reported first-quarter 2023 earnings per American Depositary Share (“ADS”) of $2.18. The Zacks Consensus Estimate for first-quarter 2023 earnings was pegged at 37 cents. The company reported earnings per ADS of 10 cents in the year-ago quarter, reflecting a significant improvement from the prior-year figure.
Total Revenues
In the quarter under review, JinkoSolar’s total revenues of $3,396.9 million surpassed the Zacks Consensus Estimate of $3,302 million by 2.9%. The top line advanced 45.8% on a year-over-year basis due to an increase in solar module shipments.
JinkoSolar Holding Company Limited Price, Consensus and EPS Surprise
In the first quarter of 2023, JKS’ total solar module, cell and wafer shipments were 14,490 megawatts (MW) (13,038 MW for solar modules and 1,452 MW for cells and wafers).
The gross margin during the quarter under review was 17.3% compared with 15.1% in the prior-year quarter.
The company’s total operating expenses increased 19.5% year over year to $412 million. The year-over-year upside was primarily due to a rise in the shipping cost of solar modules.
JinkoSolar incurred $8.1 million as interest expenses, down 68.2% year over year, as its interest income from bank deposits increased.
Financial Condition
As of Mar 31, 2023, JinkoSolar had cash and cash equivalents of $1.27 billion, down from $2.01 billion as of Dec 31, 2022.
Total interest-bearing debts as of Mar 31, 2023 were $4.37 billion compared with $4.16 billion as of Dec 31, 2022.
Q1 Business Development
JKS’ orderbook visibility for 2023 exceeded 60%, with overseas orders as the major contributor.
Q2 & 2023 Guidance
For the second quarter of 2023, JinkoSolar expects total shipments in the band of 16-18 gigawatts (GW). For 2023, JinkoSolar anticipates total shipments (including solar modules, cells and wafers) in the range of 60 GW-70 GW.
The company expects its annual mono wafer, solar cell and solar module production capacity to reach 75.0 GW, 75.0 GW and 90.0 GW, respectively, by the end of 2023.
First Solar, Inc. (FSLR - Free Report) reported first-quarter 2023 earnings of 40 cents per share, missing the Zacks Consensus Estimate of earnings of 99 cents by 59.6%. However, the bottom line improved significantly from the prior-year quarter’s loss of 41 cents per share.
First Solar’s first-quarter net sales were $548 million, which missed the Zacks Consensus Estimate of $724 million by 23.7%. However, the top line improved by 49.4% from the year-ago quarter’s $367 million.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2023 adjusted earnings of $1.37 per share, highlighting a solid 73.4% improvement from the 79 cents reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.21 by 13.2%.
Enphase Energy’s first-quarter revenues of $726 million beat the Zacks Consensus Estimate of $723 million by 0.4%. The top line soared 64.5% from the prior-year quarter’s reported figure of $441.3 million.
Upcoming Solar Release
SolarEdge Technologies (SEDG - Free Report) is slated to release first-quarter 2023 results on May 5. SolarEdge boasts a long-term earnings growth rate of 30.1%.
The Zacks Consensus Estimate for SEDG’s earnings is pegged at $1.95 per share, implying a 62.5% improvement from the year-ago quarter’s reported figure. The same for the company’s sales stands at $929.4 million, indicating a 41.9% increase from that reported in the comparable period of 2022.
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JinkoSolar (JKS) Q1 Sales Beat Estimates, Earnings Rise Y/Y
JinkoSolar Holding Co. Ltd.’s (JKS - Free Report) share price has increased 3.9% to $49.61 per share since its earnings release on Apr 28, 2023.
JinkoSolar reported first-quarter 2023 earnings per American Depositary Share (“ADS”) of $2.18. The Zacks Consensus Estimate for first-quarter 2023 earnings was pegged at 37 cents. The company reported earnings per ADS of 10 cents in the year-ago quarter, reflecting a significant improvement from the prior-year figure.
Total Revenues
In the quarter under review, JinkoSolar’s total revenues of $3,396.9 million surpassed the Zacks Consensus Estimate of $3,302 million by 2.9%. The top line advanced 45.8% on a year-over-year basis due to an increase in solar module shipments.
JinkoSolar Holding Company Limited Price, Consensus and EPS Surprise
JinkoSolar Holding Company Limited price-consensus-eps-surprise-chart | JinkoSolar Holding Company Limited Quote
Quarterly Highlights
In the first quarter of 2023, JKS’ total solar module, cell and wafer shipments were 14,490 megawatts (MW) (13,038 MW for solar modules and 1,452 MW for cells and wafers).
The gross margin during the quarter under review was 17.3% compared with 15.1% in the prior-year quarter.
The company’s total operating expenses increased 19.5% year over year to $412 million. The year-over-year upside was primarily due to a rise in the shipping cost of solar modules.
JinkoSolar incurred $8.1 million as interest expenses, down 68.2% year over year, as its interest income from bank deposits increased.
Financial Condition
As of Mar 31, 2023, JinkoSolar had cash and cash equivalents of $1.27 billion, down from $2.01 billion as of Dec 31, 2022.
Total interest-bearing debts as of Mar 31, 2023 were $4.37 billion compared with $4.16 billion as of Dec 31, 2022.
Q1 Business Development
JKS’ orderbook visibility for 2023 exceeded 60%, with overseas orders as the major contributor.
Q2 & 2023 Guidance
For the second quarter of 2023, JinkoSolar expects total shipments in the band of 16-18 gigawatts (GW). For 2023, JinkoSolar anticipates total shipments (including solar modules, cells and wafers) in the range of 60 GW-70 GW.
The company expects its annual mono wafer, solar cell and solar module production capacity to reach 75.0 GW, 75.0 GW and 90.0 GW, respectively, by the end of 2023.
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.
Recent Solar Releases
First Solar, Inc. (FSLR - Free Report) reported first-quarter 2023 earnings of 40 cents per share, missing the Zacks Consensus Estimate of earnings of 99 cents by 59.6%. However, the bottom line improved significantly from the prior-year quarter’s loss of 41 cents per share.
First Solar’s first-quarter net sales were $548 million, which missed the Zacks Consensus Estimate of $724 million by 23.7%. However, the top line improved by 49.4% from the year-ago quarter’s $367 million.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2023 adjusted earnings of $1.37 per share, highlighting a solid 73.4% improvement from the 79 cents reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.21 by 13.2%.
Enphase Energy’s first-quarter revenues of $726 million beat the Zacks Consensus Estimate of $723 million by 0.4%. The top line soared 64.5% from the prior-year quarter’s reported figure of $441.3 million.
Upcoming Solar Release
SolarEdge Technologies (SEDG - Free Report) is slated to release first-quarter 2023 results on May 5. SolarEdge boasts a long-term earnings growth rate of 30.1%.
The Zacks Consensus Estimate for SEDG’s earnings is pegged at $1.95 per share, implying a 62.5% improvement from the year-ago quarter’s reported figure. The same for the company’s sales stands at $929.4 million, indicating a 41.9% increase from that reported in the comparable period of 2022.