JinkoSolar Q2 Revenue Declines, Q3 Outlook Lags Consensus

JinkoSolar Holding Co Ltd (NYSE:JKS) reported a second-quarter FY21 revenue decline of 6.2% year-on-year to $1.227 billion, marginally beating the consensus of $1.22 billion.
The decline was due to a decrease in the shipment of solar modules.
Quarterly shipments of 5,203 MW were up 16.4% Y/Y and down 2.8% sequentially.
The gross margin contracted 80 bps Y/Y to 17.1%. The operating margin contracted 60 bps to 4.5%.
Non-GAAP EPS of $0.22 beat the consensus loss of $(0.16).
JinkoSolar held $1.01 billion in cash and equivalents.
Outlook: JinkoSolar sees Q3 revenue of $1.24 billion - $1.37 billion below the consensus of $1.6 billion.
It sees total shipments of 5 GW - 5.5 GW and a gross margin of 12% - 15% for Q3.
Price Action: JKS shares traded higher by 1.54% at $47.50 in the premarket session on the last check Wednesday.