JinkoSolar (JKS) Misses Q2 EPS, Sales Beat
JinkoSolar (NYSE: JKS) reported Q2 EPS of $0.28, $0.41 worse than the analyst estimate of $0.69. Revenue for the quarter came in at $1.17 billion versus the consensus estimate of $998.15 million.
- Total solar module shipments were 2,884 megawatts ("MW"), an increase of 39.5% from 2,068 MW in the first quarter of 2017 and an increase of 68.1% from 1,716 MW in the second quarter of 2016.
- Total revenues were RMB7.92 billion (US$1.17 billion), an increase of 37.2% from the first quarter of 2017 and an increase of 39.8% from the second quarter of 2016.
- Gross margin was 10.5%, compared with 11.2% in the first quarter of 2017 and 18.1% in the second quarter of 2016.
- Income from operations was RMB85.3 million (US$12.6 million), compared with RMB56.8 million in the first quarter of 2017 and RMB308.8 million in the second quarter of 2016.
- Net income attributable to the Company\'s ordinary shareholders from continuing operations was RMB47.4 million (US$7.0 million) in the second quarter of 2017, compared with RMB60.6 million in the first quarter of 2017 and RMB280.1 million in the second quarter of 2016.
- Diluted earnings per American depositary share ("ADS") from continuing operations were RMB1.48 (US$0.20).
- Non-GAAP net income attributable to the Company's ordinary shareholders from continuing operations in the second quarter of 2017 was RMB61.2 million (US$9.0 million), compared with RMB80.4 million in the first quarter of 2017 and RMB344.1 million in the second quarter of 2016.
- Non-GAAP basic and diluted earnings per ADS from continuing operations were RMB1.92 (US$0.28) and RMB1.88 (US$0.28), respectively, in the second quarter of 2017.
Third Quarter and Full Year 2017 Guidance
- For the third quarter of 2017, the Company estimates total solar module shipments to be in the range of 2.1 GW to 2.3 GW.
- For the full year 2017, the Company estimates total solar module shipments to be in the range of 8.5 GW and 9.0 GW.
For earnings history and earnings-related data on JinkoSolar (JKS) click here.