JinkoSolar Holding Co., Ltd. (NYSE:JKS) stock was up on Wednesday following the release of its earnings report for the third quarter of 2016.
JinkoSolar Holding Co., Ltd. reported earnings per share of 92 cents for the third quarter of the year. This is up from the earnings per share of 45 cents that it reported during the same time of last year. It also beat out Wall Street’s earnings per share estimate of 64 cents for the quarter.
Revenue reported by JinkoSolar Holding Co., Ltd. in the third quarter of 2016 was $855.31 million. The solar power company reported revenue of $588.73 million during its third quarter of 2015. Analysts were expecting JKS to report revenue of $763.28 million during the third quarter of the year.
Net income reported by JinkoSolar Holding Co., Ltd. in the third quarter of 2016 was $35.04 million. Net income reported by the company during the third quarter of 2015 was $28.34 million.
“We closed the sale of Jinko Power’s business in November 2016 to Shangrao Kangsheng for US$250 million in cash, which will significantly improve our balance sheet by reducing our debt and net gearing ratio,” Kangping Chen, CEO of JinkoSolar Holding Co., Ltd., said in a statement. “We expect to report a gain on the sale in the fourth quarter of 2016. This injection into our already substantial cash position will also provide us with the extra flexibility for our future operations.
JinkoSolar Holding Co., Ltd. also updated its outlook for the fourth quarter and full year of 2017. It now expects total solar module shipments to be between 1.7 GW and 1.8 GW for the fourth quarter. For the full year, it expects expects total solar module shipments to range from 6.6 GW to 6.7 GW.
JKS stock was up 5% as of Wednesday morning.
