JinkoSolar (JKS) Misses Q1 EPS by 11c, Sales Beat

JinkoSolar (NYSE: JKS) reported Q1 EPS of $0.36, $0.11 worse than the analyst estimate of $0.47. Revenue for the quarter came in at $839.3 million versus the consensus estimate of $780.08 million.

• Total solar module shipments were 2,068 megawatts ("MW"), an increase of 19.3% from 1,733 MW in the fourth quarter of 2016 and an increase of 29.3% from 1,600 MW in the first quarter of 2016.
• Total revenues were RMB5.78 billion (US$839.3 million), an increase of 12.8% from the fourth quarter of 2016 and an increase of 9.4% from the first quarter of 2016.
• Gross margin was 11.2%, compared with 14.3% in the fourth quarter of 2016 and 20.5% in the first quarter of 2016.
• Income from operations was RMB56.8 million (US$8.3 million), compared with RMB77.9 million in the fourth quarter of 2016 and RMB529.1 million in the first quarter of 2016.
• Net income attributable to the Company's ordinary shareholders from continuing operations was RMB60.6 million (US$8.8 million) in the first quarter of 2017, compared with RMB145.8 million in the fourth quarter of 2016 and RMB382.7 million in the first quarter of 2016.
• Diluted earnings per American depositary share ("ADS") from continuing operations were RMB1.88 (US$0.28).
• Non-GAAP net income attributable to the Company's ordinary shareholders from continuing operations in the first quarter of 2017 was RMB80.0 million (US$11.6 million), compared with RMB228.6 million in the fourth quarter of 2016 and RMB437.8 million in the first quarter of 2016.
• Non-GAAP basic and diluted earnings per ADS from continuing operations were RMB2.52 (US$0.36) and RMB2.48 (US$0.36) respectively in the first quarter of 2017.

Operations and Business Outlook

Second Quarter and Full Year 2017 Guidance

For the second quarter of 2017, the Company estimates total solar module shipments to be in the range of 2.5 GW to 2.6 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.

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