Published on November 17th, 2016 | by Joshua S Hill0
Jinko Solar Raises Full-Year Guidance Despite Quiet Third Quarter
November 17th, 2016 by Joshua S Hill
Chinese solar PV manufacturer Jinko Solar announced its third quarter earnings this week, and though shipments and revenue were down slightly over the second quarter, the company is nevertheless confident of a strong 2016, and raised its full-year shipping guidance.
Jinko Solar reported module shipments of 1,606 MW for the third quarter, including 50 MW used in its own downstream projects. This is down slightly (6.4%) on the 1,716 MW shipped during the second quarter of 2016, but is still nevertheless well up on the same time a year ago, when the company shipped 1,134.5 MW. Similarly, total revenue for the quarter was down slightly (4.4%) to RMB5.70 billion ($855.3 million) for the quarter, but still up 39.0% on the third quarter of 2015.
“Our business continued to gain growth momentum despite a challenging environment,” explained Kangping Chen, JinkoSolar’s Chief Executive Officer. “Jinko Power’s electricity output increased 20.8% sequentially to 395GWh while generating RMB372.4 million in revenue. Jinko Power connected an additional 184MW worth of solar projects during the quarter, bringing our total to 1,314 MW as of September 30, 2016.”
The company also closed the sale of Jinko Power’s business in November 2016 to Shangrao Kangsheng for US$250 million in cash, which the company believes will “significantly improve” the company’s balance sheet by reducing debt and net gearing ratio.
Jinko Solar is also expecting the fourth quarter to see shipments rebound, guiding shipments of between 1.7 GW and 1.8 GW. The company is also raising its full-year guidance.
“Based on our visibility into the fourth quarter of 2016, we are once again raising our full year 2016 shipment guidance to 6.6 GW to 6.7 GW from our previous guidance of 6.0 GW to 6.5 GW,” explained Mr Chen. “We are well positioned to continue benefiting from the global adoption of solar energy, which is playing a more important role in the global energy landscape.”