JKS - JinkoSolar turns higher after topping Q2 revenue estimates

2023-08-14 15:53:57 ET

JinkoSolar ( NYSE: JKS ) +0.7% in Monday's trading, bouncing off earlier losses, after reporting better than expected Q2 revenues while saying its principal operating subsidiary Jinko Solar Co. Ltd. plans a private offering of up to RMB9.7B ordinary shares.

JinkoSolar ( JKS ) said it plans to use the proceeds for the construction the integrated Jiangxi Jinko project in Shanxi, China, manufacturing monocrystalline silicon pull rods, silicon wafers, high-efficiency solar cells and modules, as well as working capital or repayment of loans for Jiangxi Jinko.

The company also reported Q2 GAAP earnings of $3.06/share on revenues of $4.23B, up 31% Q/Q and 63% Y/Y, as module shipments jumped 74% Y/Y and 36% Q/Q to 17.8 GW.

JinkoSolar ( JKS ) said Q2 gross profit climbed 72% Y/Y and 18% Q/Q to $659.6M, and gross margin of 15.6% improved from 14.7% in the year-earlier quarter slipping from 17.3% in Q1 2023.

"We are optimistic that demand will grow as prices stabilize and raise our module shipment guidance for 2023 to be in the range of 70-75 GW, with N-type module accounting for ~60% of total module shipments," CEO Xiande Li said.

More on JinkoSolar:

• Financial and valuation comparison to sector peers
• Analysis: JinkoSolar: Well Positioned For Growth In Upcoming Quarters
• Stock price return: Down 13% YTD, down 46% in the past 12 months

For further details see: