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Stock Alert: JinkoSolar Hits 52-Week High

Shares of JinkoSolar Holding Co. Ltd. (JKS) touched a 52-week high of $31.98 Wednesday morning, and are currently trading at $30.85, up $3.19 or 11.53% in the regular trading session. Trading volume is rising over 3.54 million versus an average volume of 1.58 million shares.

Second-quarter net income attributable to the company's ordinary shareholders was RMB318.0 million (US$45.0 million) compared with RMB125.4 million in the second quarter of 2019.

Non-GAAP net income attributable to the company's ordinary shareholders was RMB376.1 million (US$53.2 million), compared to RMB202.9 million in the prior year period. Non-GAAP earnings per ADS were RMB8.46 (US$1.20) in the second quarter of 2020, higher than the previous year's RMB4.87 per ADS.

Total revenues in the second quarter of 2020 were RMB8.45 billion (US$1.20 billion), an increase of 22.2% from RMB6.91 billion in the second quarter of 2019.

Kangping Chen, JinkoSolar's Chief Executive Officer commented, "JinkoSolar delivered a strong quarter with total revenue exceeding guidance. Despite the tough economic environment around the world, total solar module shipments and gross margin for the quarter were all within our guidance range..."

Q3 Guidance

Total revenue for the third quarter is expected to be in the range of US$1.22 billion - US$1.30 billion. Six Wall Street analysts have a consensus revenue estimate of $1.22 billion for the quarter. Gross margin for the third quarter is expected to be between 17% and 19%.

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