JinkoSolar Holding Co., Ltd., a global enterprise in the solar PV industry, announced on November 18th its unaudited financial results for the third quarter ended September 30, 2013.
Third Quarter 2013 Highlights
Total solar product shipments were 518.9 megawatts ("MW"), consisting of 489.3 MW of solar modules, 10.9 MW of silicon wafers and 18.7 MW of solar cells. This represents an increase of 6.1% from 489.2 MW in the second quarter of 2013 and an increase of 54.8% from 335.2 MW in the third quarter of 2012.
As of September 30, 2013, the Company has completed 105MW worth of solar projects and expects additional 108MW to be completed in the fourth quarter.
Total revenues were RMB1.96 billion (US$320.7 million), representing an increase of 11.2% from the second quarter of 2013 and an increase of 47.6% from the third quarter of 2012.
Electricity revenues generated from solar projects were RMB39.9 million (US$6.5 million), representing an increase of 717.8% from the second quarter of 2013.
Gross margin was 22.3%, compared with 17.7% in the second quarter of 2013 and 5.8% in the third quarter of 2012.
Income from operations was RMB244.3 million (US$39.9 million), compared with income from operations of RMB155.8 million in the second quarter of 2013 and a loss from operations ofRMB111.3 million in the third quarter of 2012.
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB103.5 million (US$16.9 million), compared with a net income attributable to JinkoSolar Holding Co., Ltd.'sordinary shareholders of RMB49.0 million in the second quarter of 2013 and a net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB114.5 million in the third quarter of 2012.
Diluted earnings per American depositary share ("ADS") was RMB4.40 (US$0.72), compared with a diluted earnings per ADS of RMB2.20 in the second quarter of 2013 and a diluted loss per ADS of RMB5.16 in the third quarter of 2012. Each ADS represents four ordinary shares.
Cash flow from operating activities was RMB780.4 million (US$127.5 million).
Non-GAAP net income1 attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the third quarter of 2013 was RMB196.9 million (US$32.2 million), compared with a non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB74.3 million in the second quarter of 2013 and a non-GAAP net loss attributable to JinkoSolar Holding Co., Ltd.'sordinary shareholders of RMB87.6 million in the third quarter of 2012.
Non-GAAP basic and diluted earnings per ADS were RMB8.72 (US$1.44) and RMB8.40 (US$1.36), respectively in the third quarter of 2013.