JinkoSolar earnings for the third quarter of the year has JKS stock soaring on Monday.
JinkoSolar (NYSE:JKS) reported earnings per share of 76 cents for the third quarter of 2018. This is better than the company’s earnings per share of 4 cents from the same time last year. It is also a major boon to JKS stock by beating out Wall Street’s losses per share estimate of 9 cents for the quarter.
The most recent JinkoSolar earnings report also sees the company reporting net income of $27.50 million. This is an increase over the company’s net income of $1.63 million reported in the third quarter of the previous year.
Operating income reported during the JinkoSolar earnings report for the third quarter of the year came in at $27.40 million. The solar panel manufacturer reported operating income of $13.24 million during the same period of the year prior.
JinkoSolar also reported revenue of $974.84 million for the third quarter of 2018. This is up from the company’s revenue of $924.88 million reported in the third quarter of 2017. It was also good news for JKS stock by coming in well above analysts’ revenue estimate of $934.62 million for the period.
“We had a solid quarter with module shipments hitting record high of 2,953 MW, an increase of 5.7% sequentially and 24.4% year-over-year,” Kangping Chen, CEO of JinkoSolar, said in a statement. “While Chinese demand softened following the May 31 policy announcement, our business continued to grow thanks to our diverse global customer base and strong brand recognition.”
JKS stock was up 14% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.