JinkoSolar (JKS) Q4 Earnings Miss Estimates, Sales Rise Y/Y
JinkoSolar Holding Co. Ltd. JKS reported adjusted fourth-quarter 2023 earnings per American Depositary Share (ADS) of $1.21, which missed the Zacks Consensus Estimate of $2.32 by 47.8%.
The company reported GAAP earnings of 8 cents per ADS in the fourth quarter.
For 2023, the company recorded adjusted earnings per ADS of $10.15, which missed the Zacks Consensus estimate of $11.36.
JinkoSolar Holding Company Limited Price, Consensus and EPS Surprise
JinkoSolar Holding Company Limited price-consensus-eps-surprise-chart | JinkoSolar Holding Company Limited Quote
Total Revenues
In the quarter under review, JinkoSolar’s total revenues of $4.62 billion surpassed the Zacks Consensus Estimate of $4.08 billion by 13.3%. The top line rose 9.4% on a year-over-year basis, driven by an increase in solar module shipments.
For 2023, the company reported revenues of $16.72 billion, up 42.8% from the 2022 level. The full-year top line beat the consensus estimate of $16.07 billion.
Quarterly Highlights
In the fourth quarter of 2023, JKS’ total solar module, cell and wafer shipments were 27,862 megawatts (MW) (26,335 MW for solar modules and 1,528 MW for cells and wafers), up 67.7% from the year-ago reported actuals.
The gross margin was 12.5% compared with 14% in the prior-year quarter. The company’s total operating expenses increased 4% year over year to $526.5 million.
JinkoSolar incurred $29 million as net interest expenses, up 84% year over year, mainly due to an increase in interest-bearing debts.
Financial Condition
As of Dec 31, 2023, JinkoSolar had cash and cash equivalents of $2.19 billion, up from $2.01 billion as of Dec 31, 2022.
Total interest-bearing debts as of Dec 31, 2023, were $4.38 billion compared with $4.16 billion as of Dec 31, 2022.
Q4 Business Development
In December 2023, JinkoSolar announced that it has been granted 330 TOPCon patents after almost six years, overtaking most brands on the Ntype TOPCon patent list.
Q1 & 2024 Guidance
For the first quarter of 2024, the company expects its module shipments to be in the range of 18-20 GW. For 2024, JinkoSolar estimates its module shipments to exceed its prior guided range of 100-110 GW.
The company expects its annual mono wafer, solar cell and solar module production capacity to reach 120 GW, 110 GW and 130 GW, respectively, by the end of 2024.
Zacks Rank
JinkoSolar currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
Canadian Solar Inc. CSIQ reported a fourth-quarter 2023 loss of 2 cents per share, which came in much narrower than the Zacks Consensus Estimate of a loss of 13 cents. The bottom line also deteriorated from the year-ago quarter’s reported profit of $1.11.
This solar cell manufacturer’s total fourth-quarter 2023 revenues of $1.72 billion beat the Zacks Consensus Estimate of $1.65 billion by 3.2%. The top line, however, decreased 13.7% from $1.97 billion reported in the fourth quarter of 2022.
SolarEdge Technologies, Inc. SEDG reported a fourth-quarter 2023 adjusted loss of 92 cents per share, narrower than the Zacks Consensus Estimate of a loss of $1.47. The bottom line deteriorated from the prior-year quarter’s reported profit of $2.86.
The company’s quarterly revenues of $316 million missed the Zacks Consensus Estimate of $320 million by 1.2%. The top line also declined 64.5% from the year-ago quarter’s figure of $890.7 million.
Enphase Energy, Inc. ENPH reported fourth-quarter 2023 adjusted earnings of 54 cents per share, indicating a 64.2% decline from $1.51 reported in the prior-year quarter. The bottom line was on par with the Zacks Consensus Estimate.
Enphase Energy’s fourth-quarter revenues of $302.6 million missed the Zacks Consensus Estimate of $327 million by 7.5%. The top line also declined 58.2% from the prior-year quarter’s reported figure of $724.7 million.
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JinkoSolar Holding Company Limited (JKS) : Free Stock Analysis Report
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