- Echoes of Canadian Solar: JinkoSolar (NYSE:JKS) is selling off in spite of beating Q3 estimates and adjusting its full-year module shipment guidance to 4.2GW-4.5GW (3.8GW-4GW to third parties) from 4GW-4.5GW.
- Q4 guidance is at 1.4GW-1.7GW (1.2GW-1.4GW to third parties). 600MW-800MW of solar projects are expected to be connected to the grid this year.
- Q3 module shipments totaled 1.13GW, topping guidance of 1GW-1.1GW. Shipments to third parties rose 56.4% Y/Y to 1.11GW. Revenue from Jinko's own solar projects rose 205.8% Y/Y to $32.4M.
-
Financials: One possible area of concern: Operating expenses rose 66.5% Y/Y to $75.6M (limited the EPS beat), something Jinko mostly attributes to "increases in shipping and warranty costs and stock-based compensation expenses." Gross margin rose to 21.3% from 20.7% in Q2 and 20.6% a year ago. Jinko ended Q3 with $584.2M in cash, $744M in short-term borrowings, and $544.6M in long-term borrowings.
-
Q3 results, PR