JinkoSolar Holding Co., Ltd. (NYSE: JKS) reported second quarter 2020 earnings results today.
Total revenues increased 22.2% year-over-year to RMB8.45 billion ($1.20 billion), exceeding the company’s guidance of $1.10 billion to $1.18 billion. The growth was driven by an increase in solar modules shipments.
Net income attributable to ordinary shareholders was RMB318 million ($45 million) compared to RMB125.4 million in the year-ago quarter. Diluted earnings per American depositary share (ADS) were RMB6.55 ($0.93).
Adjusted net income was RMB376.1 million ($53.2 million), compared to RMB202.9 million last year. Adjusted earnings per ADS were RMB8.46 ($1.20).
Total solar module shipments were 4,469 megawatts, within JinkoSolar’s guidance range of 4.2 GW to 4.5 GW, up 32% from the prior-year period.
For the third quarter of 2020, JinkoSolar expects total solar module shipments to be in the range of 5.0 GW to 5.3 GW. Total revenue is expected to be $1.22 billion to $1.30 billion. For full year 2020, the company estimates total solar module shipments to be 18 GW to 20 GW.
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