JinkoSolar Hits Record High Shipment in Third Quarter

Total revenues were $974.8 million, an increase of 10.5% from the second quarter of 2018 and an increase of 4.3% from the third quarter of 2017.

JinkoSolar, a leading solar PV company, has announced its unaudited financial results for the third quarter that ended September 30, 2018.

Total solar module shipments hit record high of 2,953 MW, an increase of 5.7% sequentially and 24.4% year-on-year.

Total revenues were $974.8 million, an increase of 10.5% from the second quarter of 2018 and an increase of 4.3% from the third quarter of 2017.

Gross margin was 14.9%, compared to 12.0% in the second quarter of 2018 and, 12.0% in the third quarter of 2017. Income from operations was $27.4 million, an increase of 98.7% from the second quarter of 2018 and an increase of 104.6% from the third quarter of 2017.

For the full year 2018, the Company estimates total solar module shipments to be in the range of 11.5 GW to 11.8 GW.

With its sales guidance unchanged, Jinko Solar is expected to deliver 11-12 GW shipment this year, which enables it to boost its market share up to approximately 15% and much higher in emerging markets.

JinkoSolar solidified its competitive positioning by focusing on value-added products, including Cheetah and Bifacial based on the mono PERC technology.

It has ramped up the capacity its flagship Cheetah series, seeking to revitalize the market, since customers have been eager to upgrade, impressed by its power and new features.

Over the mid- and long-term, JinkoSolar expects new opportunities in its business from the ongoing transformation in the industry, led by the fact that grid parity will soon be achieved in more and more countries.