JinkoSolar (JKS) Q2 Earnings Beat Estimates, Sales Rise Y/Y
JinkoSolar Holding Co. Ltd.’s JKS share price has increased 3.6% to $34.57 per share since its earnings release on Aug 14, 2023.
JinkoSolar reported second-quarter 2023 earnings per American Depositary Share (“ADS”) of $3.36, beating the Zacks Consensus Estimate of $2.08 per share by 61.5%. The company reported earnings per ADS of $1.10 in the year-ago quarter.
Total Revenues
In the quarter under review, JinkoSolar’s total revenues of $4,231.7 million surpassed the Zacks Consensus Estimate of $4,182 million by 1.2%. The top line advanced 62.9% on a year-over-year basis due to an increase in solar module shipments.
JinkoSolar Holding Company Limited Price, Consensus and EPS Surprise
JinkoSolar Holding Company Limited price-consensus-eps-surprise-chart | JinkoSolar Holding Company Limited Quote
Quarterly Highlights
In the second quarter of 2023, JKS’ total solar module, cell and wafer shipments were 18,613 megawatts (MW) (17,763 MW for solar modules, and 850 MW for cells and wafers), up 28.5% from the last reported quarter.
The gross margin during the quarter under review was 15.6% compared with 14.7% in the prior-year quarter. The company’s total operating expenses decreased 2.1% year over year to $447.4 million.
JinkoSolar incurred $28.7 million as net interest expenses, up 136.8% year over year, mainly due to a decrease in the interest income.
Financial Condition
As of Jun 30, 2023, JinkoSolar had cash and cash equivalents of $2.35 billion, up from $2.01 billion as of Dec 31, 2022.
Total interest-bearing debts as of Mar 31, 2023 were $4.73 billion compared with $4.16 billion as of Dec 31, 2022.
Q2 Business Development
In June 2023, JinkoSolar officially launched its Second Generation of the High Voltage Energy Storage Battery in the European market.
Q3 & 2023 Guidance
For the third quarter of 2023, the company expects its module shipments in the range of 19 GW-21 GW. For the full-year 2023, JinkoSolar estimates its module shipments in the range of 70 GW-75 GW.
The company expects its annual mono wafer, solar cell and solar module production capacity to reach 85.0 GW, 90.0 GW and 110.0 GW, respectively, by the end of 2023.
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.
Recent Solar Releases
First Solar, Inc. FSLR reported second-quarter 2023 earnings of $1.59 per share, which improved 205.8% from the prior-year quarter’s earnings of 52 cents per share. The Zacks Consensus Estimate for second-quarter earnings was pegged at 95 cents.
First Solar’s second-quarter net sales were $810.7 million, which beat the Zacks Consensus Estimate of $720 million by 12.6%. The top line improved by 30.6% from the year-ago quarter’s $620.9 million.
Enphase Energy, Inc. ENPH reported second-quarter 2023 adjusted earnings of $1.47 per share, which highlights a 37.4% improvement from $1.07 per share reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.27 by 15.8%.
Enphase Energy’s second-quarter revenues of $711.1 million missed the Zacks Consensus Estimate of $727 million by 2.2%. However, the top line soared 34.1% from the prior-year quarter’s reported figure of $530.2 million.
SolarEdge Technologies, Inc. SEDG reported adjusted earnings of $2.62 per share, which surpassed the Zacks Consensus Estimate of $2.55 by a solid 2.8%. The bottom line also improved 175.8% from the prior-year quarter’s 95 cents per share.
The company’s quarterly revenues of $991.3 million outpaced the Zacks Consensus Estimate of $989 million by 0.2%. The top line also surged 36% from the year-ago quarter’s $727.8 million.
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