Chinese solar manufacturer JinkoSolar Holding Co Ltd (NYSE:JKS) today reported record quarterly shipments of almost 3 GW in July-September and higher profits.
Net profit attributable to ordinary shareholders stood at CNY 189.1 million (USD 27.2m/EUR 24m), up by 91% quarter-on-quarter and jumping from just CNY 11.3 million a year ago.
At CNY 6.69 billion, revenues in the third quarter of 2018 grew by 10.5% sequentially and 4.3% year-over-year. The increase in both cases was mainly due to a rise in solar module shipments. Lower average selling prices (ASPs), however, in part offset this increase.
“While Chinese demand softened following the May 31 policy announcement, our business continued to grow thanks to our diverse global customer base and strong brand recognition,” said JinkoSolar CEO Kangping Chen, adding that overseas module shipments brought nearly 80% of total shipments in the quarter.
Details are available in the table.
|Results in CNY, unless specified
|Total solar module shipments (in MW)
|Gross margin (in %)
|-- excluding CVD* reversal benefit (in %)
|Income from operations
|-- excluding CVD* reversal benefit
|Net income attributable to ordinary shareholders
|Basic and diluted earnings per ordinary share
|Non-GAAP net income to ordinary shareholders
|Non-GAAP basic and diluted earnings per ordinary share
* The company recorded a countervailing duty (CVD) reversal of CNY 140.4 million, based on the final results in the fourth administrative review of the CVD order published by the US Department of Commerce.
JinkoSolar expects fourth-quarter shipments to grow further to between 3.7 GW and 4 GW. Thus, full-year shipments are seen at 11.5 GW-11.8 GW.
“We are now ideally positioned with our order book in Q4 almost full from growing overseas markets and our products being in short supply,” said the CEO. He further said a rebound in Chinese demand can be expected in 2019 as policies are being discussed to support the smooth transition from a policy-driven industry to a grid parity-driven one.
(CNY 10 = USD 1.44/EUR 1.27)
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