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JinkoSolar (JKS) Misses Q2 Earnings and Revenue Estimates
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JinkoSolar Holding Co., Ltd. (JKS - Free Report) reported second-quarter 2018 earnings per American Depositary Share (ADS) of 38 cents, missing the Zacks Consensus Estimate of 50 cents by 24.0%. However, the reported figure improved 90% from 20 cents in the year-ago quarter.
Total Revenues
In the quarter under review, JinkoSolar’s total revenues of $915.9 million missed the Zacks Consensus Estimate of $932 million by 1.7%. The top line also decreased 23.5% on a year-over-year basis. The downturn can be attributed to a decrease in solar module shipments and the average selling price of solar modules in second-quarter 2018.
Quarterly Highlights
In second-quarter 2018, total solar product shipment was 2,794 megawatts, down 3.1% year over year. Nonetheless, the figure exceeded the company guided range of 2.4-2.5 gigawatts (GW) in the reported quarter.
JinkoSolar’s total operating expenses accounted for 10.4% of the total revenues in the second quarter compared with 9.5% in the year-ago quarter.
The company incurred $12.2 million as interest expenses, up 0.1% from the second quarter of 2017.
During the second quarter, JinkoSolar’s wholly-owned subsidiary, JinkoSolar (U.S.) Inc. entered into a three-year agreement to supply 1.43GW of high efficiency modules to sPower, a leading renewable energy independent power producer.
JinkoSolar Holding Company Limited Price, Consensus and EPS Surprise
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JinkoSolar (JKS) Misses Q2 Earnings and Revenue Estimates
JinkoSolar Holding Co., Ltd. (JKS - Free Report) reported second-quarter 2018 earnings per American Depositary Share (ADS) of 38 cents, missing the Zacks Consensus Estimate of 50 cents by 24.0%. However, the reported figure improved 90% from 20 cents in the year-ago quarter.
Total Revenues
In the quarter under review, JinkoSolar’s total revenues of $915.9 million missed the Zacks Consensus Estimate of $932 million by 1.7%. The top line also decreased 23.5% on a year-over-year basis. The downturn can be attributed to a decrease in solar module shipments and the average selling price of solar modules in second-quarter 2018.
Quarterly Highlights
In second-quarter 2018, total solar product shipment was 2,794 megawatts, down 3.1% year over year. Nonetheless, the figure exceeded the company guided range of 2.4-2.5 gigawatts (GW) in the reported quarter.
JinkoSolar’s total operating expenses accounted for 10.4% of the total revenues in the second quarter compared with 9.5% in the year-ago quarter.
The company incurred $12.2 million as interest expenses, up 0.1% from the second quarter of 2017.
During the second quarter, JinkoSolar’s wholly-owned subsidiary, JinkoSolar (U.S.) Inc. entered into a three-year agreement to supply 1.43GW of high efficiency modules to sPower, a leading renewable energy independent power producer.
JinkoSolar Holding Company Limited Price, Consensus and EPS Surprise
JinkoSolar Holding Company Limited Price, Consensus and EPS Surprise | JinkoSolar Holding Company Limited Quote
Financial Condition
As of Jun 30, 2018, JinkoSolar had cash and cash equivalents of $386.5 million, up from $296.4 million on Dec 31, 2017.
Total interest-bearing debt as of Jun 30, 2018 was $1.40 billion compared with $1.14 billion on Dec 31, 2017.
Guidance
For third-quarter 2018, JinkoSolar expects total solar module shipments in the range of 2.8-3.0 GW.
For 2018, the company continues to project total solar module shipments in the 11.5-12.0 GW band.
Other Energy Releases
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter earnings of 2 cents, beating the Zacks Consensus Estimate by 100%.
Sunrun Inc.’s (SPWR - Free Report) second-quarter earnings of 6 cents lagged the Zacks Consensus Estimate by 82.86%.
First Solar Inc. (FSLR - Free Report) reported second-quarter loss of 46 cents, missing the Zacks Consensus Estimate by 2,200%.
Zacks Rank
JinkoSolar currently carries a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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