JinkoSolar (JKS) Reports Q1 Revenues Above Estimates

JinkoSolar (NYSE: JKS) reported Q1 EPS of $0.05, versus $0.24 reported last year. Revenue for the quarter came in at $728.06 million versus the consensus estimate of $721.73 million.

First Quarter 2018 Highlights

• Total solar module shipments were 2,015 megawatts (\"MW\") (including 209 MW to be used in the Company\'s overseas downstream solar projects for which no revenue has been recognized), a decrease of 18.8% from 2,481 MW in the fourth quarter of 2017 and a decrease of 2.6% from 2,068 MW in the first quarter of 2017.
• Total revenues were RMB4.57 billion (US$728.1 million), a decrease of 28.1% from the fourth quarter of 2017 and a decrease of 20.9% from the first quarter of 2017.
• Gross margin was 14.4%, compared with 11.6% in the fourth quarter of 2017 and 11.2% in the first quarter of 2017.
• Income from operations was RMB125.0 million (US$19.9 million), compared with RMB91.3 million in the fourth quarter of 2017 and RMB56.8 million in the first quarter of 2017.
• Net income attributable to the Company\'s ordinary shareholders was RMB3.6 million (US$0.6 million) in the first quarter of 2018, compared with RMB22.5 million in the fourth quarter of 2017 and RMB60.6 million in the first quarter of 2017.
• Diluted earnings per American depositary share (\"ADS\") were RMB0.096 (US$0.016).
• Non-GAAP net income attributable to the Company\'s ordinary shareholders in the first quarter of 2018 was RMB11.0 million (US$1.7 million), compared with RMB41.5 million in the fourth quarter of 2017 and RMB80.0 million in the first quarter of 2017.
• Non-GAAP basic and diluted earnings per ADS were RMB0.300 (US$0.048) and RMB0.296 (US$0.048) in the first quarter of 2018, compared with RMB1.272 and RMB1.232 in the fourth quarter of 2017 and RMB2.536 and RMB2.508 in the first quarter of 2017.

For earnings history and earnings-related data on JinkoSolar (JKS) click here.

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