JinkoSolar’s second-quarter revenue is not estimated, Investing.com reports

NEW YORK – JinkoSolar (NYSE: ) Holding Co., Ltd. (NYSE: JKS ) reported second-quarter financial results that fell short of top analysts’ expectations, sending shares down slightly 0.88% in early trading .

The solar module maker posted revenue of RMB 24.05 billion ($3.31 billion) in Q2, missing the consensus estimate of RMB 28.41 billion. However, adjusted earnings per share came in at RMB 2.12 ($0.29), beating expectations of RMB 1.21.

JinkoSolar’s module shipments rose 34.1% year-on-year to 23.8 GW in the second quarter. The company said it became the first module maker to ship a total of 260 GW of solar modules globally by the end of the second quarter.

Gross margin fell to 11.1 percent from 15.6 percent in the same quarter last year, which the company attributed to the decline in the average selling price of solar modules.

“Despite the challenges in our industry, the strength of TOPCon’s N-type technology, the competitiveness of our products and our extensive global sales and manufacturing network have placed us in a strong position in the industry as the industry continues to address excess capacity. ”, said Xiande Li, President and CEO of JinkoSolar.

For Q3, JinkoSolar expects module shipments to be between 23.0 GW and 25.0 GW. The company reiterated its full-year 2024 guidance for module shipments of 100.0 GW to 110.0 GW.

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