JinkoSolar (NYSE:JKS) earnings for the solar energy company’s second quarter of 2020 have JKS stock on the move after markets closed on Wednesday. That’s due to its adjusted earnings per share of 8.46 yuan easily beating Wall Street’s estimate of 4.15 yuan. It’s revenue of 8.45 billion yuan also comes in above analysts’ estimates of 7.76 billion yuan.
Let’s take a deeper dive into the most recent JinkoSolar earnings report below.
- Adjusted per-share earnings are up 73.7% from 4.87 yuan in the second quarter of 2019.
- Revenue for the quarter comes in 22.2% compared to 6.91 billion yuan in the same period of the year prior.
- Operating income of 434.7 million yuan is a 67% increase year-over-year from 260.3 million yuan.
- The JinkoSolar earnings report also has net income coming in at 318 million yuan.
- That’s a 153.6% jump from the company’s net income of 125.4 million yuan reported during the same time last year.
Kangping Chen, CEO of JinkoSolar, said the following in the current earnings report.
“JinkoSolar delivered a strong quarter with total revenue exceeding guidance. Despite the tough economic environment around the world, total solar module shipments and gross margin for the quarter were all within our guidance range. Module shipments hit a new high of 4,469 MW, an increase of 31.0% sequentially and 32.0% year-over-year.”
JinkoSolar provides guidance for Q3 2020 in its earnings report. It’s expecting revenue to range from $1.22 billion to $1.3 billion. Wall Street’s estimate has the company reporting revenue of $1.22 billion during the quarter.
JKS stock was up almost 1% after-hours Wednesday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.