Increased Solar Product Shipments lead to Jinko Solar's Uptick in Total Revenue

published: 2014-08-19 14:13 | editor: | category: News

Jinko Solar announced its unaudited financial results for the second quarter of 2014. Its total revenue increased 20.8% from 1Q14, but gross margin declined from 24.0% in 1Q14 to 22.6%. The below is the financial and operational highlights:

Financial and Operational Highlights

• Total solar product shipments amounted to 659.5 megawatts ("MW"), consisting of 570.8 MW of solar modules, 54.1 MW of silicon wafers and 34.6 MW of solar cells. This represents an increase of 13.5% from 581.2 MW in the first quarter of 2014 and an increase of 34.8% from 489.2 MW in the second quarter of 2013.
• As of June 30, 2014, the Company has connected 252 MW of solar projects to the grid and expects to connect another 100 MW of solar projects during the third quarter.
• Total revenues were RMB2.4 billion (US$392.1 million), representing an increase of 20.8% from the first quarter of 2014 and an increase of 37.8% from the second quarter of 2013.
• Electricity revenues generated from solar projects were RMB61.0 million (US$9.8 million), representing an increase of 26.1% from the first quarter of 2014.
• Gross margin was 22.6%, compared with 24.0% in the first quarter of 2014 and 17.7% in the second quarter of 2013.
• Income from operations was RMB251.6 million (US$40.6 million), compared with income from operations of RMB203.5 million in the first quarter of 2014 and income from operations of RMB155.8 million in the second quarter of 2013.
• Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB138.2 million (US$22.3 million), compared with net income attributable toJinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB9.5 million in the first quarter of 2014 and net income attributable to JinkoSolar Holding Co., Ltd.'sordinary shareholders of RMB49.0 million in the second quarter of 2013.
• Diluted earnings per American depositary share ("ADS") were RMB4.04 (US$0.64), compared with diluted loss per ADS of RMB1.20 in the first quarter of 2014 and diluted earnings per ADS of RMB2.20 in the second quarter of 2013.
• Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the second quarter of 2014 was RMB173.0 million (US$27.9 million), compared with non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB37.3 million in the first quarter of 2014 and non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB74.3 million in the second quarter of 2013.
• Non-GAAP basic and diluted earnings per ADS were RMB5.60 (US$0.92) and RMB4.88 (US$0.80), respectively, in the second quarter of 2014.

To read the full press, please visit: JinkoSolar Announces Second Quarter 2014 Financial Results

 

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