JinkoSolar (NYSE:JKS) earnings for the first quarter of fiscal year 2020 have JKS stock falling hard on Monday morning. This comes after reported revenue of $1.2 billion was above Wall Street’s estimate of $1.03 billion. Also, the company’s adjusted earning per share (EPS) of 65 cents per American depository share (ADS) is below analysts’ expectations of $1 for the quarter.

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The company also reported GAAP EPS of 38 cents for the quarter.

Here is what else is worth mentioning from the most recent JinkoSolar earnings report.

• Per-share earnings were a 441.7% better from EPS of 12 cents per ADS during Q1 2019.
• Revenue for the quarter comes in 38.3% higher compared to $867.51 million during the same time last year.h
• Operating income of $103.47 million is an 194.5% increase year-over-year than $35.13 million.
• The JinkoSolar earnings report also includes a net income of $41.83 million.
• That’s 615% higher than $5.85 million from the first quarter of 2019.
• The company also reported that its total solar module shipments were 3,411 megawatts (MW), an increase of 12.3% YOY.

Mr. Kangping Chen, chief executive officer of JinkoSolar, said this about the JKS stock earnings:

“JinkoSolar continued to outperform during the quarter despite a very challenging global operating environment. Total solar module shipments, total revenue and gross margin were all within our guidance range for the quarter. Module shipments hit a record high 3,411MW during the quarter while  total revenues were US$1.03 billion and gross margin was 19.7% if you exclude the impact from the disposal of two solar power plants in Mexico. As one of the world’s leading solar module manufacturers, we have leveraged our deep experience to lead the industry through the pandemic which has allowed us to not only further expand our market share but also create technical standards and develop technological breakthroughs for a variety of products.”

The company included guidance for Q2 of fiscal 2020. It is calling for total solar module shipments to be between 4.2 gigawatts (GW) to 4.5 GW, and total revenue between $1.10 billion to $1.18 billion. Meanwhile, Wall Street analysts are looking for revenue of $1.24 billion for next quarter.

JKS stock was down more than 8% on Monday.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.