JinkoSolar's Stock Soars 9% on Strong Sales in Second Quarter

Jinko's stock ended higher on Friday after reporting strong sales of its solar modules.

Author: Anthony Russo   

Shares in JinkoSolar Holding Co., Ltd. (NYSE: JKS) soared nearly 9 percent, to $21.87 per share, on Friday, after the company produced strong revenue results thanks to the increase in the shipment of solar modules. 

In a statement on Friday, Jinko said its revenue in three months through June reached $1 billion, up 19 percent year-over-year. Net income was $18.3 million compared with $14.5 million a year ago.

The solar panel maker, based in Beijing, sells to an international customer base, including China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium and other countries and regions, according to Jinko's website. 

Kapping Chen, the chief executive officer of Jinko, noted the company's global expansion in a statement today. 

"We continued our strong start of the year by further diversifying our global distribution network and expanding our market share in key overseas markets," Chen said in a statement on Friday.

He added, "Module shipments during the second quarter were 3,386 megawatts, a year-over-year increase of 21.2% and a sequential increase of 11.5%."

Jinko also said its annual silicon wafer, solar cell and solar module production capacity was 10.5 gigawatts, and that it expects the production to reach 15 GW at the end of the year.

In June, Jinko's subsidiary, Jinko Japan K.K., signed a loan agreement with Sumitomo Mitsui Banking Corporation, the Japanese bank for $498.7 million. In addition, Jinko launched along with Japan's Marubeni Corp., a trading company based in Japan, operations at the world's largest solar plant of 1,177 megawatt peak, at Sweihan in Abu Dhabi, the United Arab Emirates capital in July.

Chen also spoke in regards to the potential of its latest product called the swan bifacial module with Dupont Tedlar, the U.S. based solar energy company, in a statement today.

"This new lightweight, bifacial technology has huge potential to go mainstream because it not only alleviates problems encountered during installation and lowers cost per kilowatt hour of electricity generated, but also improves module efficiency and overall power plant production."

Looking ahead, Jinko said it expects to generate revenue in the third quarter in the range of between $980 million and $1.07 billion, representing an increase of between 18 percent and 20 percent respectively.