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JinkoSolar Holding Co. Ltd.’s (JKS - Free Report) reported third-quarter 2023 earnings per American Depositary Share (ADS) of $2.59, beating the Zacks Consensus Estimate of $1.96 by 32.1%. The company reported earnings per ADS of 59 cents in the year-ago quarter.
Total Revenues
In the quarter under review, JinkoSolar’s total revenues of $4,363.2 million surpassed the Zacks Consensus Estimate of $4,224 million by 3.3%. The top line surged 63.1% on a year-over-year basis, driven by an increase in solar module shipments.
JinkoSolar Holding Company Limited Price, Consensus and EPS Surprise
In the third quarter of 2023, JKS’ total solar module, cell and wafer shipments were 22,597 megawatts (MW) (21,384 MW for solar modules and 1,213 MW for cells and wafers), up 108.2% from the third quarter of 2022.
The gross margin during the quarter under review was 19.3% compared with 15.7% in the prior-year quarter. The company’s total operating expenses increased 4.5% to $430.8 million.
JinkoSolar incurred $20.3 million as net interest expenses, up 15.1% year over year, mainly due to an increase in interest expense.
Financial Condition
As of Sep 30, 2023, JinkoSolar had cash and cash equivalents of $1.93 billion, up from $2.01 billion as of Dec 31, 2022.
Total interest-bearing debts as of Sep 30, 2023, were $4.23 billion compared with $4.16 billion as of Dec 31, 2022.
Q3 Business Development
In September 2023, JinkoSolar signed a Memorandum of Understanding with Failte Energy Solutions Limited to supply Tiger Neo modules for a total capacity of 200 MW.
Q4 & 2023 Guidance
For the fourth quarter of 2023, the company expects its module shipments to be around 23 GW. For 2023, JinkoSolar estimates its module shipments to exceed its prior guided range of 70-75 GW.
The company expects its annual mono wafer, solar cell and solar module production capacity to reach 85.0 GW, 90.0 GW and 110.0 GW, respectively, by the end of 2023.
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2023 adjusted earnings of $1.02 per share, which highlights an 18.4% decline from $1.25 per share reported in the prior-year quarter. The bottom line came in line with the Zacks Consensus Estimate.
Enphase Energy’s third-quarter revenues of $551.1 million missed the Zacks Consensus Estimate of $562 million by 1.9%. However, the top line declined 13.2% from the prior-year quarter’s reported figure of $634.7 million.
Upcoming Releases
Canadian Solar Inc. (CSIQ - Free Report) : The Zacks Consensus Estimate for Canadian Solar’s third-quarter revenues is pegged at $1.99 billion. This implies an improvement of 3.2% from the prior-year reported figure.
In the last reported quarter, the company delivered an earnings surprise of 57.24%. The Zacks Consensus Estimate for Canadian Solar’s third-quarter earnings is pegged at 91 cents per share.
SolarEdge Technologies (SEDG - Free Report) : The Zacks Consensus Estimate for SEDG’s third-quarter revenues is pegged at $766.7 million. This suggests a decline of 8.4% from the year-ago reported figure.
In the last reported quarter, the company delivered an earnings surprise of 2.75%. The Zacks Consensus Estimate for SolarEdge’s third-quarter earnings is pegged at 68 cents per share, indicating a decline of 25.3% from the prior-year figure.
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JinkoSolar (JKS) Q3 Earnings Beat Estimates, Sales Rise Y/Y
JinkoSolar Holding Co. Ltd.’s (JKS - Free Report) reported third-quarter 2023 earnings per American Depositary Share (ADS) of $2.59, beating the Zacks Consensus Estimate of $1.96 by 32.1%. The company reported earnings per ADS of 59 cents in the year-ago quarter.
Total Revenues
In the quarter under review, JinkoSolar’s total revenues of $4,363.2 million surpassed the Zacks Consensus Estimate of $4,224 million by 3.3%. The top line surged 63.1% on a year-over-year basis, driven by 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 third quarter of 2023, JKS’ total solar module, cell and wafer shipments were 22,597 megawatts (MW) (21,384 MW for solar modules and 1,213 MW for cells and wafers), up 108.2% from the third quarter of 2022.
The gross margin during the quarter under review was 19.3% compared with 15.7% in the prior-year quarter. The company’s total operating expenses increased 4.5% to $430.8 million.
JinkoSolar incurred $20.3 million as net interest expenses, up 15.1% year over year, mainly due to an increase in interest expense.
Financial Condition
As of Sep 30, 2023, JinkoSolar had cash and cash equivalents of $1.93 billion, up from $2.01 billion as of Dec 31, 2022.
Total interest-bearing debts as of Sep 30, 2023, were $4.23 billion compared with $4.16 billion as of Dec 31, 2022.
Q3 Business Development
In September 2023, JinkoSolar signed a Memorandum of Understanding with Failte Energy Solutions Limited to supply Tiger Neo modules for a total capacity of 200 MW.
Q4 & 2023 Guidance
For the fourth quarter of 2023, the company expects its module shipments to be around 23 GW. For 2023, JinkoSolar estimates its module shipments to exceed its prior guided range of 70-75 GW.
The company expects its annual mono wafer, solar cell and solar module production capacity to reach 85.0 GW, 90.0 GW and 110.0 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 Release
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2023 adjusted earnings of $1.02 per share, which highlights an 18.4% decline from $1.25 per share reported in the prior-year quarter. The bottom line came in line with the Zacks Consensus Estimate.
Enphase Energy’s third-quarter revenues of $551.1 million missed the Zacks Consensus Estimate of $562 million by 1.9%. However, the top line declined 13.2% from the prior-year quarter’s reported figure of $634.7 million.
Upcoming Releases
Canadian Solar Inc. (CSIQ - Free Report) : The Zacks Consensus Estimate for Canadian Solar’s third-quarter revenues is pegged at $1.99 billion. This implies an improvement of 3.2% from the prior-year reported figure.
In the last reported quarter, the company delivered an earnings surprise of 57.24%. The Zacks Consensus Estimate for Canadian Solar’s third-quarter earnings is pegged at 91 cents per share.
SolarEdge Technologies (SEDG - Free Report) : The Zacks Consensus Estimate for SEDG’s third-quarter revenues is pegged at $766.7 million. This suggests a decline of 8.4% from the year-ago reported figure.
In the last reported quarter, the company delivered an earnings surprise of 2.75%. The Zacks Consensus Estimate for SolarEdge’s third-quarter earnings is pegged at 68 cents per share, indicating a decline of 25.3% from the prior-year figure.