JKS - Why JinkoSolar Shares Are Diving Premarket Wednesday | Benzinga
JinkoSolar Holding Co Ltd (NYSE:JKS) shares are trading lower after the company reported worse-than-expected fourth-quarter FY23 bottom-line results.
Revenue grew 9.4% Y/Y to $4.62 billion, beating the consensus of $4.28 billion.
Quarterly shipments increased 67.7% Y/Y to 27,862 MW (26,335 MW for solar modules and 1,528 MW for cells and wafers).
The mass production efficiency for JKS’ N-type TOPCon cells reached 26%, and N-type modules power output was more than 30wp higher than that of similar P-type modules.
Gross margin contracted to 12.5% from 14.0% in the prior year quarter owing to the decrease in the average selling price of solar modules. The gross profit came in at $576.2 million, down 2.8% Y/Y.
Operating profit margin was 1.1%, a contraction from 2.0% a year ago. The operating income fell 42.6% to $49.6 million. Adjusted ...