JinkoSolar Holding Co., Ltd. (NYSE: JKS) found trouble attracting buyers Monday, on earnings news which came to light.
Total revenues were RMB5.78 billion, the equivalent of $839.3 million U.S., an increase of 12.8% from the fourth quarter of 2016 and an increase of 9.4% from the first quarter of 2016.
Net income proved was RMB60.6 million ($8.8 million U.S.) in the first quarter of 2017, compared with RMB145.8 million in the fourth quarter of 2016 and RMB382.7 million in the first quarter of 2016.
Diluted earnings per American depositary share from continuing operations were RMB1.88 (US$0.28).
The company was projected to report quarterly earnings at $0.41 per share on revenue of $778.60 million.
CEO Kangping Chen commented, "Module shipments during the quarter hit a record high of 2,068MW, a 19.3% increase sequentially while generating US$839.3 million in revenue. We continued to capitalize on the growing recognition of JinkoSolar's brand and high quality products and services to increase our market share and capture new opportunities during the quarter.
"Demand in China remains strong with growth momentum expected to continue into the next quarter. While the June 30 Feed-in-Tariff has created some uncertainties in China's utility-scale market, we haven't seen demand weaken. Our deep involvement in the Top Runner and PV Poverty Alleviation projects as well as distributed generation projects will provide strong support for demand during the second half of the year."
The shares were trading near the closing bell Monday at $17.10, down $1.68, or nearly 9%, from Friday's close.
