JinkoSolar Holding Co., Ltd (NYSE: JKS) reported a fourth-quarter FY22 revenue growth of 85.5% year-on-year to $4.41 billion, beating the consensus of $3.81 billion.
The sequential and year-over-year increases were mainly attributable to the rise in the shipment of solar modules.
Quarterly shipments of 16,802 MW were up 73.3% Y/Y and 54.8% sequentially.
Gross margin was 14.1% for the quarter, compared to 16.1% in 4Q21. The decrease was mainly due to an increase in the cost of silicon.
The operating profit margin was 2.1%, compared to 3% a year ago. Total operating expenses increased by 68.2% Y/Y, mainly attributable to increased shipping costs for solar modules and increased impairment loss on property, plant and equipment.
Earnings per ADS of $0.85 missed the consensus of $1.21.
JinkoSolar held $1.64 billion in cash and equivalents as of Dec. 31, 2022.
Xiande Li, JinkoSolar’s Chairman and CEO, commented, “Throughout the year, as raw material costs continued to rise, we continued to optimize our cost structure relentlessly through technical advancement and manufacturing process improvement, which partially relieved the pressure on profitability.”
Outlook: JinkoSolar expects its Q1 module shipments to be 11.0 GW to 13.0 GW. JinkoSolar estimates its FY23 total shipments of 60.0 GW to 70.0 GW.
JinkoSolar expects annual mono wafer, solar cell, and solar production capacity to reach 75.0 GW, 75.0 GW, and 90.0 GW, by the end of 2023.
Price Action: JKS shares are trading lower by 14.52% at $48.08 on the last check Friday.
Photo Via Company
Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
This article Why JinkoSolar Shares Are Sliding Today originally appeared on Benzinga.com
.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Source: https://finance.yahoo.com/news/why-jinkosolar-shares-sliding-today-163800138.html