JKS - Why JinkoSolar Stock Is Skyrocketing Today
2023-10-30 12:44:35 ET
JinkoSolar (NYSE: JKS) stock is making big gains in Monday's trading. The China-based company's share price was up 22.5% as of noon ET, according to data from S&P Global Market Intelligence .
JinkoSolar published its third-quarter results before the market opened this morning, delivering earnings that were in line with expectations and sales performance that was significantly better than the market had anticipated. The company posted earnings per share of $2.53 on sales of $4.36 billion, and revenue in the period beat the average analyst estimate by roughly $170 million. In addition to the Q3 beat, the company also announced promising news about one of its solar-cell technologies.
JinkoSolar's revenue soared 63% year over year in Q3 thanks to increasing global demand for solar modules. The company's gross profit roughly doubled to reach $840.6 million in the period, with its margin expanding from 15.7% to 19.3%. While many investors and analysts have expressed concern that economic uncertainty would result in demand headwinds for renewable energy technology companies, JinkoSolar is demonstrating some impressive resilience.
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Why JinkoSolar Stock Is Skyrocketing Today