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| Mon, 15th Jun 2020 15:03:00 |
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Another billion-dollar quarter for JinkoSolar |
Despite the challenges to both the manufacturing and shipment of its products during the period, JinkoSolar today reported that it shipped 3.4 GW of modules in the first quarter of 2020, bringing its revenue for the quarter just over the billion dollar mark.
JinkoSolar reported little slowdown in its business during the first quarter of 2020, shipping 3.4 GW of modules during the period and bringing in $1.2 billion in total revenue. Accordingly, the company is leaving its full-year 2020 shipments guidance untouched at 18-20 GW.
Net income for the first quarter came in at $39.9 million, and Jinko's posted $103.5 million income from operations, excluding the impacts resulting from its disposal of two solar power plants in Mexico.
These figures represent a 24.8% decrease in shipments compared to the previous quarter, but still 12.3% ahead of Q1 2019. Further, the company says that while it predicts the overall market will shrink by around 25% in 2020 compared to last year, it does not expect its own business to be affected. "…we see a number of growth opportunities in the near-term as the market consolidates," said JinkoSolar CEO Kangping Chen. "Smaller, less-competitive manufacturers will gradually exit the market, leaving more opportunities for a few key players to expand their market share worldwide."
Chen's comments are broadly in line with analyst's expectations of consolidation across the PV manufacturing industry following the shock caused by the Covid-19 pandemic.
Read original full article
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