JinkoSolar (NYSE:JKS) stock was down on Tuesday after the release of the company’s earnings report for its fiscal first quarter of 2018.
During its fiscal first quarter of the year, JinkoSolar reported earnings per share of 12 cents. This is a drop from the company’s earnings per share of 48 cents from the same period of the year prior. It also wasn’t good news for JKS stock by coming in well below Wall Street’s earnings per share estimate of 24 cents for the quarter.
Net income reported by JinkoSolar for its fiscal first quarter of 2018 was $590,000. This is a a major decrease from the company’s net income of $9.18 million from its fiscal first quarter of 2017.
JinkoSolar also reported operating income of $19.92 million for its fiscal first quarter of the year. The company’s operating income from the same period of the year prior came in at $8.63 million.
JinkoSolar’s earnings report for its fiscal first quarter of 2018 also includes revenue of $728.06 million. This is down from the company’s operating income of $878.03 million that was reported in its fiscal first quarter of the previous year. Despite this, it did beat out analysts’ revenue estimate of $721.73 million for the period.
JinkoSolar also provides a rough outlook for its fiscal second quarter of the year earnings report. The company says that it is expecting total solar module shipments for the period to range from 2.4 GW to 2.5 GW. It also is looking for total solar module shipments between 11.5 GW to 12 GW for fiscal 2018.
JKS stock was down slightly as of noon Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.