<p>JinkoSolar (NYSE: JKS) revenues for the solar energy company’s second quarter of 2020 have JKS shares on the move after the markets closed on Wednesday. This is because the adjusted earnings per share of 8.46 yuan easily beat the Wall Street estimate of 4.15 yuan. Its revenue of 8.45 billion yuan also exceeds analysts’ estimates of 7.76 billion yuan.
Source: Lutsenko_Oleksandr / Shutterstock.com
Let’s take a deeper dive into the latest JinkoSolar earnings report below.
Adjusted earnings per share increased by 73.7% from 4.87 yuan in the second quarter of 2019. Revenue for the quarter was 22.2% compared to 6.91 billion yuan in the same period last year. Operating profit of 434.7 million yuan is an increase of 67% compared to the previous year from 260.3 million yuan. JinkoSolar earnings report also has a net profit of 318 million yuan. This is a step of 153.6% from the company’s net profit of 125.4 million yuan reported during the same period last year.
Kangping Chen, CEO of JinkoSolar, said the following in the current earnings report.
“JinkoSolar delivered a strong quarter with total revenue that exceeded the guidance. Despite the tough economic environment around the world, the total photovoltaic module transports and the gross margin for the quarter were within our guidance range. Modular shipments reached a new height of 4,469 MW, an increase of 31.0% in a row and 32.0% compared with the previous year. ”
JinkoSolar provides guidance for Q3 2020 in its earnings report. Revenue is expected to range from $ 1.22 billion to $ 1.3 billion. According to Wall Street’s estimates, the company reported revenue of $ 1.22 billion during the quarter.
The JKS share rose by almost 1% on Wednesday afternoon.
At the time of publication, William White had (neither directly nor indirectly) any positions in the securities mentioned in this article.
Article printed from InvestorPlace Media, https://investorplace.com/2020/09/jinkosolar-earnings-bump-jks-stock-up/.
© 2020 InvestorPlace Media, LLC