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JinkoSolar (JKS) Q2 Earnings Miss Estimates, Sales Up Y/Y

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JinkoSolar Holding Co., Ltd. (JKS - Free Report) reported second-quarter 2017 non-GAAP earnings per American Depositary Share (ADS) of 20 cents that missed the Zacks Consensus Estimate of 69 cents by 71%. The reported figure also declined 84.3% from the year-ago quarter earnings of $1.27 per ADS.

Total Revenue

In the quarter under review, JinkoSolar’s total revenue of $1.17 million surpassed the Zacks Consensus Estimate of $1.03 billion by 13.2%.  The top line also increased 39.8% on a year-over-year basis.

Quarterly Highlights

In the second quarter of 2017, total solar product shipment was 2,884 megawatts (MW), up 68.1% year over year. Shipments also increased 39.5%, sequentially.

JinkoSolar’s total operating expenses increased 4.2% year over year to $110.6 million, primarily owing to increase in shipping costs that was in line with the increase in solar module shipments.

The company incurred $11.9 million as interest expenses, up 7.4%.

Financial Condition

As of Jun 30, JinkoSolar had cash and cash equivalents of $280.1 million, down from $360.3 million as of Dec 31, 2016.

Total interest bearing debts as of Jun 30 were $1.09 billion compared with $891.7 million as of Dec 31, 2016.

Guidance

For the third quarter of 2017, JinkoSolar expects total solar module shipments in the range of 2.1–2.3 gigawatts (GW).

For the full year, the company still anticipates total solar module shipments in the band of 8.5–9.0 GW.

Peer Releases

First Solar Inc. (FSLR - Free Report) reported second-quarter 2017 earnings of 64 cents a share. The Zacks Consensus Estimate was pegged at a loss of 4 cents.

Canadian Solar Inc. (CSIQ - Free Report) witnessed second-quarter 2017 adjusted loss of 15 cents per share, narrower than the Zacks Consensus Estimate of a loss of 16 cents.

SunPower Corp. (SPWR - Free Report) incurred second-quarter 2017 loss of 39 cents per share, narrower than the Zacks Consensus Estimate of a loss of 63 cents.

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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