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JinkoSolar Revenues Jump 11.2%

|Includes:JinkoSolar Holding Co., Ltd. (JKS)

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JinkoSolar Holding Co., Ltd. (NYSE:JKS) announced its financial results for the third quarter of fiscal 2013, reporting revenues that jumped 11.2%. The Chinese company reported revenues of $320.7M, or Chinese Renminbi (NYSEARCA:RMB) 1.96B, up 47.6% from RMB1.3B reported this period last year. Gross margin saw continued improvement to 22.3%, from 17.7% in the second quarter and 5.8% in the third quarter last year. Net income in third quarter was $39.9M, or RMB244.3M, up from a net loss of RMB111.3M a year ago. CEO Kangping Chen remarked that the company's profitability continued to improve amidst improvements in revenues and gross margins. From an operations standpoint, JinkoSolar product shipments increased 54.8% from this period last year, with 518.9 megawatts, composed of 489.3MW solar modules, 18.7MW in solar cells, and 10.9MW in silicon wafers.

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Stocks: JKS