JinkoSolar Reports Mixed Q1 Earnings
JinkoSolar Holding Co (NYSE: JKS) reported first-quarter total revenues were RMB 5.82 billion ($867.5 million), a decrease of 24.6% from the fourth quarter of 2018 and an increase of 27.5% from the first quarter of 2018.
The company’s income from operations was RMB235.7 million (US$35.1 million), compared with RMB237.4 million in the fourth quarter of 2018 and RMB125.0 million in the first quarter of 2018.
“We started the year strongly as we continue diversifying our global distribution network and expanding our market share in key overseas markets,” said CEO Kangping Chen.
“Module shipments during the first quarter were 3,037 megawatts, an increase of 50.7% year-over-year and a decrease of 16.1% sequentially. Our gross margin was 16.6%, up from 14.7% sequentially and 14.4% year-over-year as we increasingly benefit from a higher proportion of sales being generated by our self-produced high efficiency mono products and further reductions in production cost," said Chen.
JinkoSolar Holding shares were up 1% at $22.50 in Friday's pre-market session.
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