One of China’s global PV module manufacturers, Jinko Solar, announced its first quarter earnings for 2015, revealing an increase in revenue not normally seen until later quarters.
Though Jinko Solar’s numbers were still mostly down on the previous quarter (Q4’14), they were up significantly over a year earlier, proof of true growth in the industry — and growth that has been reflected throughout similar solar PV manufacturers. Jinko Solar shipped a total of 789.2 MW of solar product in Q1’15, consisting of consisting of 703.5 MW of solar modules, 53.3 MW of silicon wafers, and 32.4 MW of solar cells. This is only down 5.8% on Q4’14 (838.2 MW), and well up (35.8%) on Q1’14 figures (581.2 MW).
Total revenue was similarly down on Q4’14 and up on Q1’14, thanks to increased shipments and in part to its own downstream projects, which generated $16.5 million. Total revenue for the quarter came in at $443.5 million, a 7.5% decrease on Q4’14 but a healthy 36.5% increase on Q1’14.
Gross margins contracted slightly, dropping from 24.0% in Q1’14, to 22.8% in Q4’14, and halting at 20.3% in Q1’15.
“We had another strong quarter with solid growth as we further solidified our leading position in the global solar industry,” said the company’s chief executive officer, Mr Kangping Chen. “As our solar project capacity and pipeline continue to grow and our Malaysia facility begins operations, I am optimistic about new opportunities for the rest of the year,” he added.
The company’s outlook for the second quarter of 2015 forecasts solar module shipments in the range of 850 MW and 950 MW, with no forecast for revenues. Jinko Solar also estimates that the full-year 2015 forecast to be in the range of 3.3 GW and 3.8 GW.
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