JinkoSolar Drops In Pre-market As Q3 Revenue, Q4 Revenue View Below View

Shares of solar module maker JinkoSolar Holding Co., Ltd. (JKS) are down more than 8% in pre-market on Tuesday after the company's third-quarter revenue missed analysts' view. Its fourth-quarter sales outlook also comes in below the Street estimates.

Total revenues in the third quarter declined to RMB8.57 billion or $1.33 billion from RMB8.77 billion in the same quarter a year ago. Analysts polled by Thomson Reuters expected the company to report revenue of $1.34 billion.

Net income in the quarter was RMB194.2 million or $30.1 million, a sharp rise from RMB6.9 million in the third quarter of 2020.

Loss per ADS was RMB0.49 or $0.08 compared with loss of RMB 6.20.

Excluding one-time items, the company reported earnings per ADS of RMB0.31 or $0.05. The consensus estimate was for $0.02 per share.

Looking forward to the fourth quarter, the company sees revenue in the range of $1.8 billion to $2.2 billion. Analysts expect revenue of $2.24 billion in the fourth quarter.

JinkoSolar stock closed Monday's trade at $55.99, up$2.86 or 5.38%. It is currently at $51.27.

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