UPDATE: JinkoSolar Posts Higher Q3 Earnings, Revenue Misses View

JinkoSolar Holding Company (NYSE: JKS) reported weaker-than-expected revenue for the third quarter. However, the company reported upbeat quarterly earnings.JinkoSolar's quarterly net income jumped 170% to $45.7 million, or $1.32 per American Depositary Share.Its revenue climbed 30% to $417.3 million. However, analysts were expecting earnings of $0.71 per share on revenue of $459.84 million.Total solar product shipments gained 36.5% y/y to 708.2 MW in the third quarter.Income from operations fell to RMB239.9 million (US$39.1 million), from RMB244.3 million in the year-ago quarter.JinkoSolar's gross margin shrank to 20.6% from 22.3%.As of September 30, 2014, JinkoSolar had RMB2.1 billion (US$340.7 million) in cash and cash equivalents and restricted cash, versus RMB1.6 billion of cash and cash equivalents and restricted cash as of June 30, 2014."We are pleased to report another solid quarter, as total revenues increased 30.5% from the same period last year," commented Mr. Kangping Chen, JinkoSolar's Chief Executive Officer. " We shipped a record-high 758.1 MW modules, including 100 MW designated for our own downstream projects. Our business continues to gain considerable momentum as we remain on track to deliver a very successful year in terms of top- and bottom-line growth and near completion of our targeted solar power project expansion.”For the fourth quarter, the company projects total solar module shipments of 1,030 to 1,120 megawatts (MW), versus 758.1 MW in the third quarter. It reiterated its solar module shipment guidance of 2.9 to 3.2 gigawatts (GW) for 2014.JinkoSolar shares fell 2.46% to $22.95 in pre-market trading.