JinkoSolar Soars 11% on Shipments, Doubled Income
JinkoSolar's shares soared on Tuesday thanks to doubled profit and revenue that topped the $1 billion mark.
The stock in JinkoSolar Holding Co. Ltd. (NYSE: JKS) skyrocketed 11% to $16.70 per American depositary share on Tuesday after the company announced its third quarter financials.
The Shanghai-based solar energy company said in a statement today that in the three months through September its revenue reached $1.05 billion, up 8% year-over-year. Net income has more than doubled to $51.4 million, or 65 cents per ADS, compared with $21.5 million a year ago, according to the report.
JinkoSolar attributed the growth to its shipment of solar modules, which hit 3,326 megawatts (MW), representing an increase of 13% year-over-year.
The company announced it has launched the first phase of production at its Leshan Facility and has begun phase two. Upon its completion, JinkoSolar said it hopes to add 18 GW to its mono wafer production capacity.
"Our technological transformation began in 2016 when we started producing mono wafers, and have since then accumulated three years of operational and technical expertise which we applied in our mono production facility in Leshan, Sichuan Province," Kangping Chen, the chief executive officer of JinkoSolar, said in a statement today.
He added, "This technological transformation is now largely complete, with Phase I of the production facility having begun operations and ramped up to full 5GW capacity during the second quarter of 2019."
The company operates not only in China but in seven production facilities globally. It has projects in countries including the United States, Germany, Japan and the United Kingdom. In its latest statement, JinkoSolar said it has arranged to sell two solar power plants in Mexico with a combined capacity of 155MW.
Last month, JinkoSolar announced it supplied 13.6MW solar modules to Photon Energy Solutions for the installation of three projects in Hungary.
Jeff Juger, JinkoSolar's Director of Business Development, told CapitalWatch last month that the company does not import bifacial modules to the United States and thus has not been affected by the latest tariffs in the sector, which the Trump administration has threatened to reinstate.
Going forward, the company said it expects to generate revenue in the range of $1.2 billion to $1.23 billion in the fourth quarter.