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JinkoSolar (JKS) Q1 Earnings Miss Estimates, Sales Down Y/Y

Zacks Equity Research

JinkoSolar Holding Co., Ltd. JKS reported first-quarter 2017 adjusted earnings per American Depositary Share (ADS) of 28 cents that missed the Zacks Consensus Estimate of 48 cents by 41.7%. The reported figure also declined 78.6% from the year-ago quarter earnings of $1.31 per ADS.

Total Revenue

In the quarter under review, JinkoSolar’s total revenue of $839.3 million surpassed the Zacks Consensus Estimate of $780 million by 7.6%. However, the top line declined 1.1% on a year-over-year basis.

JinkoSolar Holding Company Limited Price, Consensus and EPS Surprise

 

JinkoSolar Holding Company Limited Price, Consensus and EPS Surprise | JinkoSolar Holding Company Limited Quote

Quarterly Highlights

In the first quarter of 2017, total solar product shipment was 2,068 megawatts (MW), up 29.3% year over year. Shipments also increased 19.3% sequentially.

JinkoSolar’s total operating expenses increased 6.6% year over year to $86 million, primarily owing to higher general and administrative expenses.

The company incurred $8.3 million as interest expenses, up 25.7%.

Financial Condition

As of Mar 31, 2017, JinkoSolar had cash and cash equivalents of $249 million, down from $360.3 million as of Dec 31, 2016.

Total interest bearing debts as of Mar 31, 2017 were $886 million compared with $891.7 million as of Dec 31, 2016.

Guidance

For the second quarter of 2017, JinkoSolar expects total solar module shipments in the range of 2.5–2.6 GW.

For the full year, the company still anticipates total solar module shipments to the band of 8.5–9.0 GW.

Peer Releases

First Solar Inc. FSLR reported first-quarter 2017 earnings of 25 cents a share. The Zacks Consensus Estimate was pegged at a loss of 13 cents. The reported number declined 84.9% from the prior-year figure of $1.66.

SunPower Corp. SPWR reported first-quarter 2017 loss of 42 cents per share, narrower than the Zacks Consensus Estimate of loss of 66 cents. In the year-ago period, the company had posted loss of 42 cents.

JA Solar Holdings Co., Ltd. JASO posted first-quarter 2017 adjusted earnings of 3 cents per diluted American Depositary Share (ADS). The Zacks Consensus Estimate was pegged at a loss of 2 cents.

Zacks Rank

JinkoSolar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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