JinkoSolar Q1 Net Income Declines; Revenues Up 85.9%

JinkoSolar Holding Co., Ltd. (JKS) reported first quarter net income attributable to shareholders of RMB 28.9 million compared to RMB 221.1 million, last year. Earnings per ADS was RMB 0.60, for the quarter. Quarterly shipments were up 56.7% year over year.

Total revenues were RMB 14.76 billion, an increase of 85.9% from RMB 7.94 billion, last year. The company said the year-over-year increase was mainly attributable to an increase in the shipment of solar modules due to the increasing demand of global market.

Total operating expenses were RMB 2.19 billion, an increase of 80.8% from RMB 1.21 billion, prior year. The company said the year-over-year increases were mainly attributable to increases in shipping costs for solar modules and share based compensations expenses in the first quarter of 2022.

Total shipments in the first quarter were 8,390 MW, including 8,031 MW for solar module shipments and 359 MW for cell and wafer shipments. For the second quarter of 2022, the company expects total shipments to be in the range of 8.5 GW to 9.5 GW. The company reiterated its full year 2022 shipment guidance.

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