JinkoSolar Earnings Shine Chinese Solar Stock Surges By Investors Business Daily
China-based solar company JinkoSolar (JKS) reported second-quarter earnings early Wednesday that crushed analyst forecasts, while sales were in line. JinkoSolar stock jumped to a multiyear high.
One of the largest providers of solar modules, silicon wafers and cells reported adjusted earnings of $1.20 a share on revenue of $1.2 billion. Wall Street expected JinkoSolar earnings of 41 cents on revenue of $1.21 billion.
JinkoSolar stock surged 21% to close at a six-year high of 33.46 on the stock market today.
The company said module shipments in the second quarter “increased significantly compared with the first quarter, despite the negative impact caused by the pandemic.” Module shipments increased 32% from the year-ago period.
“Overall solar demand decreased during the quarter due to the economic slowdown, triggering a drop in module prices,” Chief Executive Kangping Chen said in written remarks with the earnings release. “The market continues to consolidate due to the challenging economic environment and strong competition within the industry.”
As a result, that has enabled companies like Jinko Solar to increase market share, he added.
JinkoSolar Stock Rating
“As economies have started to rebound in many markets, we believe global demand will eventually accelerate and we are well positioned to benefit from the momentum,” Chen said.
For the current quarter, Jinko Solar expects revenue in the range of $1.22 billion to $1.3 billion. Analysts predict $1.25 billion.
JinkSolar stock has a perfect IBD Composite Rating of 99 out of a possible 99. Its Relative Strength Rating is 92.
JinkoSolar holds the No. 2 rank among its peers in the Energy-Solar industry group. Daqo New Energy (DQ) is the top-ranked stock within the group.
July 21 2020 – Leading Solar Company Increases Sales Growth and Earnings
