JinkoSolar Holding Co., Ltd. (NYSE: JKS) rose sharply n Monday trading after the company reported upbeat Q3 results.
The Shanghai-based company reported total solar module shipments were 2,953 megawatts ("MW") (including 0.2 MW to the Company's overseas downstream segment for which no revenue has been recognized), an increase of 5.7% from 2,794 MW in the second quarter of 2018 and an increase of 24.4% from 2,374 MW in the third quarter of 2017.
Total revenues were RMB6.69 billion ($974.8 million U.S.), 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 with 12.0% in the second quarter of 2018, and 12.0% in the third quarter of 2017.
Net income attributable to the Company's ordinary shareholders was RMB189.1 million ($27.5 million U.S.) in the third quarter of 2018, compared with RMB99.0 million in the second quarter of 2018 and RMB11.3 million in the third quarter of 2017.
Diluted earnings per American depositary share were RMB4.84 ($0.72 U.S.) in the third quarter of 2018.
CEO Kangping Chen commented, "We had a solid quarter with module shipments hitting record high of 2,953 MW, an increase of 5.7% sequentially and 24.4% year-over-year. Our gross margin was 14.9%, compared with 12.0% in the second quarter and non-GAAP net income $30.0 million U.S.
"While Chinese demand softened following the May 31 policy announcement, our business continued to grow thanks to our diverse global customer base and strong brand recognition."
Shares vaulted $1.54, or 16.7%, to $10.76.
