by Alyssa Oursler | June 20, 2012 5:15 pm
The hits just keep on coming for JinkoSolar (NYSE:JKS).
Not-so-bright quarterly earnings caused investors to bail out of JKS by about 9%, dropping prices to around $4.15 — a roughly 80% plunge from prices around $23 a mere year ago.
JinkoSolar lost $56.6 million in Q1, an adjusted loss of $2.36 per share — more than double what analysts were expecting for the quarter and only 19 cents less than the loss expected for the entire fiscal year, according to analysts polled by Thomson Reuters.
Revenue also took a 51% nosedive — from $326.7 million last year to just $168.3 million — although that drop was less than analysts expected.
The company expects shipments to drop in the second quarter as well, unlike other solar companies like Trina Solar (NYSE:TSL) and even Canadian Solar (NASDAQ:CSIQ), which also has been struggling but still sees shipments increasing next quarter. JinkoSolar shipped 249 megawatts of solar modules last quarter, but is only expecting 200 to 240 megawatts in Q2.
JKS’ report didn’t seem to have much of an effect on the rest of the sector, however. While First Solar (NASDAQ:FSLR) had shed about 2%, LDK Solar (NYSE:LDK) and Trina Solar were among stocks making strong gains. Much of the strength of late has come on news of a First Solar deal, as well as Japan’s announcement of increased tariffs, though the effect of the latter is in question.
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