JinkoSolar Holding Co., Ltd. (NYSE:JKS) shares moved higher in pre-market trade on Monday after the Shangrao, China-based manufacturer of solar modules reported second-quarter earnings that topped Wall Street's expectations.
For the quarter ended June 30, 2023, JinkoSolar posted revenue of US$4.23 billion, up 62.3% over the year-ago quarter and above estimates of US$4.18 billion, according to Zacks Consensus Estimate.
Earnings per diluted American Depository Share were US$3.06. Analysts had been expecting $2.08.
Its 2Q module shipments increased 74.4% year-over-year to 17.8 GW. The company also raised its module shipment guidance for the full year.
“We are optimistic that demand will grow as prices stabilize and raise our module shipment guidance for 2023 to be in the range of 70 to 75 GW, with N-type module accounting for approximately 60% of total module shipments,” JinkoSolar CEO Xiande Li said in a statement.
“We expect module shipments to be in the range of 19 to 21 GW for the third quarter of 2023.”
JinkoSolar shares had added 2.4% at US$36.80 before the opening bell in New York.
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