Solar stocks are turning heads once again, with JinkoSolar (JKS) up more than 17% today thanks to strong earnings. That brings year-to-date gains for JKS stock to nearly 460%.
JinkoSolar stock investors were pleased after JKS became the latest of the solar stocks to post a profit. Earnings came to 103.5 million yuan vs. a loss of 114.5 million yuan a year ago. Excluding one-time charges, earnings came to $1.33 per ADR of JKS stock.
Revenue also improved by nearly 50%, while the solar product manufacturer also upped its full-year forecast for solar module shipments.
Solar Stocks Are Killing It
As if the year-to-date gains weren’t impressive enough, the recent jump for JKS stock puts its 12-month climb at just under 1,000% — which blows away the solid numbers other solar stocks have in the books during the same time period.
First Solar (FSLR), for example, has gained 175% during the past year. In fact, FSLR stock shined brightly in Q3 as well, blowing away earnings expectations and climbing higher as a result.
Meanwhile, SolarCity (SCTY) is up around 350% in the past 12 months, despite getting hammered recently thanks to weak earnings guidance. SCTY stock lost more than 13% in one day and is down another 4% today.
One of the few solar stocks beating the impressive run JKS has posted? Canadian Solar (CSIQ), which climbed last week after posting its first profit in eight quarters. CSIQ stock is up a stunning 1,480% since last November, including 870% gains in 2013 alone.
The strength across the entire sector can be seen in the performance of the Guggenheim Solar ETF (TAN), a fund focused on solar stocks that is up an astounding 160% year-to-date — stunning returns for a sector ETF.
Just when it seems like solar stocks can’t climb anymore, the majority of the industry keeps impressing. Plus, many solar stocks still remain far off their previous peaks. In case you forgot, solar stocks soared to eye-popping highs in 2008 and 2009 … but had sunk to new lows by 2011.
In 2013, though, names like JKS, FSLR, SCTY and CSIQ have come roaring back. And if the mega-shift to renewable energy continues, solar stocks could heat up even more.
More on Solar Stocks
- 3 solar stocks to buy now
- Don’t get burned with solar-backed bonds
- Why SolarCity stock tumbled
As of this writing, Robert Martin did not hold a position in any of the aforementioned securities.