Sequentially, revenues improved more than 51% and module shipments were up nearly 45%.
Second-quarter gross margin rose from 12.7% in the first quarter to 17.7%, and more than doubled from 8.4% in the second quarter of 2012.
For the third quarter, JinkoSolar expects module shipments in the range of 460 to 500 megawatts. For the full year, shipments are forecast at 1,500 to 1,700 megawatts, up from a previous forecast of 1,200 to 1,500 megawatts.
The company’s CEO said:
I am pleased to report JinkoSolar’s first quarter of profitability since the third quarter of 2011. [W]e expect to realize net profitability for the entire year as we are confident that this quarter’s strong operational and financial performance is indicative of our future performance. … By the end of this year, we expect to complete solar power projects with total capacity in the range of 200-300 MW and our project pipeline is now rapidly approaching 700 MW. … With the largest project development pipeline and scale domestically among US-listed Chinese solar manufacturers, we expect our downstream business to benefit greatly as we continue our strategic transformation.
JinkoSolar’s results continue the upbeat trend in the solar panel market. Shipments have been increasing, margins are rising and project pipelines are filling up. The squabble over tariffs between China and the European Union is resolved, and Chinese solar makers are shipping modules into Japan at rising rates. Good news for one solar provider is typically good news for all, so look for some nice increases in solar stocks today.
JinkoSolar’s shares are up about 11% in premarket trading, at $15.01 in a 52-week range of $2.36 to $15.05. Thomson Reuters had a consensus analyst price target of around $9.25 before today’s results were announced.