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.
Anthony Russo
Aug 30,2019,23:45

Shares in JinkoSolar Holding Co., Ltd. (NYSE: JKS) soared up 8 percent, at $21.80 per share, on Friday afternoon, after the company produced strong revenue results, due to the increase in the shipment of solar modules. 

The solar panel maker, based in Beijing, sells its products to its international customer base, that includes 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. 

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.

Kapping Chen, chief executive officer of Jinko, discussed the company’s impact on diversifying globally and the statistics for module shipments. 

“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.

 “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 expects the production to reach 15.0 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-based bank for  $498.7 million in July. Also Jinko announced along with Japan’s Marubeni Corp., a trading company based in Japan, the world largest solar plant of 1,177 megawatt peak, started its operations 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 United States 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, the company expects its revenue in the third quarter to range in between $980 million and $1.07 billion, representing increases of 18 percent and 20 percent respectively.

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