JinkoSolar -7% as earnings miss estimates

|About: JinkoSolar Holding Co., Ltd. (JKS)|By:, SA News Editor

JinkoSolar (JKS) -7.1% premarket after reporting Q1 earnings that fell far short of expectations, although net income of $1.5M compared with a $20.7M net loss in the year-ago quarter.

Total solar product shipments were 581.2 MW vs. guidance of 440-470 MW given at the end of Q4, a 0.9% Q/Q decrease but a 71.6% Y/Y increase.

Gross margin was 24.0% vs. 24.7% in Q4 2013 and 12.7% in Q1 2013.

Expects Q2 total solar module shipments of 570-600 MW; for FY 2014, reaffirms expectations for total solar module shipments of 2.3-2.5 GW, with total project development scale above 400 MW.