Chinese solar manufacturer Jinko Solar has posted another strong financial quarter with year-over-year shipping and revenue increases and an increase to its full-year 2017 shipping guidance, solidifying its market leadership this year.
Jinko Solar published its third-quarter financial results on Thursday, revealing strong growth year-over-year but decreases across the board on a stronger second quarter. The company’s total solar module shipments for the quarter was 2,374 (MW) megawatts, a decrease of 17.7% from the 2,884 MW taken in during the second quarter of 2017 but an increase of 47.8% from the 1,606 MW taken in during the third quarter of 2016. The same can be said for company revenue, which reached RMB 6.42 billion ($964.8 million), a decrease of 19.0% from the second quarter of 2017 but an increase of 20.4% from the third quarter of 2016, and beating expectations by $115.4 million. Earnings per share were RMB0.80 ($0.12), beating expectations by $0.02.
“Module shipments during the quarter exceeded the high end of our guidance, reaching to 2,374 MW,” said Kangping Chen, JinkoSolar’s Chief Executive Officer.
“Demand in China remained strong during the quarter as the distributed generation (“DG”) market there grows rapidly. We have fully evaluated the various remedy recommendations from the US International Trade Commission and are awaiting its final decision on the Section 201 petition. Regardless of what the final outcome is, we strongly believe in the US solar market’s long-term growth trajectory and will adjust our strategy there accordingly.
“I remain confident in the long-term sustainability of our business as we continue to devote resources towards developing new technologies and supporting the expansion of our market share in exciting and rapidly growing markets.”
Looking forward, Jinko Solar expects to ship a total of between 2.3 and 2.5 GW (gigawatts) in the fourth quarter, and has elevated its full-year 2017 guidance to see total module shipments in the range of 9.6 to 9.8 GW, an increase on previous guidance of around 12%.