Jinko Solar Smashes Earnings Estimates $JKS – February 28, 2011
Jinko Solar (JKS) is surging nearly 10% in pre-market trading and may break out of a cup with handle base this morning after the company posted strong Q4 earnings results. The company smashed analyst estimates posted an EPS of $2.36(vs the analyst estimate for $1.56) on revenues of $267.7 million (vs the estimate for just $228 million). Product shipments came in at a record 162.6MW exceeding previous guidance of 130 – 140MW.
CEO Kangping Chen commented on the quarter: “We are dedicated to improving product quality and advancing our R&D program while lowering manufacturing costs and increasing our solar cell efficiencies, and we expect additional efficiencies via our relationship withInnovalight. Our improvements in technology and operating efficiency as well as increased economies of scale have resulted in reductions in unit manufacturing costs. We are proud to have emerged as one of only a few vertically integrated PV manufacturers with high quality and lower cost product offerings.”
Looking ahead, Jinko expects shipments to come in around 155 – 160MWthis quarter with revenues in the range of $280 – $290 million. That’swell ahead of the analyst estimate for $232 million this quarter. For the full year, solar module shipments are expected to reach nearly 1GWwith total revenues in the range of $1.4 – $1.5 billion. That’s also significantly ahead of the analyst estimate of $979 million.