JinkoSolar Holding Co., Ltd. (JKS) shares popped in today’s market session after the Chinese solar panel maker posted earnings that beat Wall Street’s estimates thanks to increase in module shipments. Looking forward, the company said orders are expected to grow during the third and fourth quarters.
In its latest quarter ended on June 30, the company, which is based in Shanghai, China, posted a profit of $0.93 per share or $1.20 per share on an adjusted basis. Analysts were looking for $0.42. Its revenue, meanwhile, came in at $1.20 billion, missing the consensus estimate of $1.21 billion.
In response to the rosy performance, investors sent JinkoSolar shares up 14% to new high after the opening bell on Wednesday.
The company’s total solar module shipments came to 4,469 megawatts, a jump of 31% from the 3,411 megawatts reported in the first quarter of 2020.
The company’s gross margin also climbed to 17.9% compared with 16.5% in the second quarter of last year but was lower from 19.5% in the first quarter of fiscal 2020.
It forecasts revenue in the third quarter to be in range of $1.22-1.30 billion as it hopes to have a strong market demand until the end of the year. JKS forecasts total solar module shipments of 5-5.3 GW in the current quarter, and for the full year approximately 18-20 GW. Gross margin in the same period is expected in the range of 17% and 19%.
Founded in 2006 and listed on the New York Stock Exchange in 2010, JinkoSolar is one of the largest manufacturers of solar panels in the world. It has more than 10,000 workers and is operating in 38 countries.