JinkoSolar (NYSE:JKS)
After posting an unexpected second-quarter GAAP loss but revenues that more than doubled to 18.84B yuan (about $2.8B) on strong demand in Europe and China, JinkoSolar (NYSE:JKS) gained 2.5% on Friday.
According to the company, it switched from a profit of 80.2 million yuan in the year-ago quarter to a net loss of 623.3 million yuan ($93.1 million) in the second quarter. Adjusted net income that excluded the effects of share-based compensation costs and other changes in the fair value of some notes, was 368.4 million yuan.
Total exports for the second quarter increased by more than a twofold year on year and by 25% quarter on quarter to 10,532 MW, of which 10,183 MW were for solar modules. Due primarily to an increase in the material cost of solar modules, the second quarter gross margin decreased to 14.7% from 15.1% in Q1 and 17.1% in the prior quarter.
According to JinkoSolar (JKS), the energy crisis caused by the conflict in Ukraine and the accelerated energy transformation in a number of countries and enterprises during the third quarter spurred high demand in European markets and increased shipments to China.
The company still anticipates that the third quarter of 2022 will see between 35 and 40 GW of total shipments. JinkoSolar (JKS) stock has increased 29% year to date and 32% over the past 12 months.
Jinko Solar’s second quarter financials in summary
In the press release, Shipments for the quarter totaled 10,532 MW, up 102.4% from the same time the previous year and 25.5% sequentially (10,183 MW for solar modules and 349 MW for cells and wafers).
Total revenues of RMB18.84 billion ($2.81 billion) were up 137.6% year over year and 27.6% quarter over quarter. The sequential and yearly gains were mostly brought on by an increase in solar module shipments.
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Author Jowi Kwasu 
