NEW YORK - JinkoSolar (NYSE:JKS) Holding Co., Ltd. (NYSE: JKS) reported second quarter financial results that fell short of analyst expectations on the top line, sending shares down slightly, by 0.88% in early trading.
The solar module manufacturer posted revenue of RMB24.05 billion ($3.31 billion) in Q2, missing the consensus estimate of RMB28.41 billion. However, adjusted earnings per share came in at RMB2.12 ($0.29), beating expectations of RMB1.21.
JinkoSolar's module shipments grew 34.1% year-over-year to 23.8 GW in the second quarter. The company said it became the first module manufacturer to have delivered a total of 260 GW of solar modules globally by the end of Q2.
Gross margin declined to 11.1% from 15.6% in the same quarter last year, which the company attributed to a decrease in the average selling price of solar modules.
"Despite the challenges in our industry, the strength of our N-type TOPCon technology, the competitiveness of our products, and our extensive global sales and manufacturing network have placed us in a strong position in the industry as the industry continues to address excess capacity," said Xiande Li, JinkoSolar's Chairman and CEO.
For Q3, JinkoSolar expects module shipments to be between 23.0 GW and 25.0 GW. The company reiterated its full year 2024 guidance for module shipments of 100.0 GW to 110.0 GW.
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