JinkoSolar's Q1 Miss Offset By Strong Outlook, Shares Rally As Shipments Surge
Portfolio Pulse from Akanksha Bakshi
JinkoSolar Holding Co Ltd (NYSE:JKS) reported Q1 fiscal 2024 results with a slight revenue miss but a strong outlook, leading to a share price rally. Revenue fell 1.2% Y/Y to $3.19 billion, below the $3.25 billion consensus. However, shipments surged 51.2% Y/Y to 21,907 MW. Gross margin decreased to 11.9% from 17.3% Y/Y, and the company reported a loss from operations. Despite this, adjusted net income was reported, and the company is optimistic about future demand, especially for N-type technology, with plans to limit capacity expansion to focus on advanced N-type capacity.
April 29, 2024 | 1:32 pm
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JinkoSolar's Q1 fiscal 2024 results showed a revenue miss but a significant increase in shipments and a positive future outlook, leading to a premarket share price increase of 3.56%.
Despite missing Q1 revenue expectations, JinkoSolar's significant year-over-year shipment increase and optimistic future outlook, especially regarding N-type technology demand, have positively impacted investor sentiment. The premarket share price increase reflects the market's positive reception to the company's future growth prospects and strategic focus on advanced N-type capacity.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100