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JinkoSolar Announces First Quarter 2014 Financial Results
Date£º2014/5/29
May 27, 2014 - JinkoSolar today announced its unaudited financial results for the first quarter ended March 31, 2014.
First Quarter 2014 Highlights
- Total solar product shipments were 581.2 megawatts ("MW"), consisting of 455.1MW of solar modules, 92.1MW of silicon wafers and 34.0MW of solar cells. This represents a decrease of 0.9% from 586.3MW in the fourth quarter of 2013 and an increase of 71.6% from 338.6MW in the first quarter of 2013. ¡¤ As of March 31, 2014, the Company had completed 213MW worth of solar projects and had approximately 100MW of solar projects under construction.
- Total revenues were RMB2.0 billion (US$323.9 million), representing a decrease of 8.0% from the fourth quarter of 2013 and an increase of 73.1% from the first quarter of 2013.
- Electricity revenues generated from solar projects were RMB48.4 million (US$7.8 million), representing an increase of 62.3% from the fourth quarter of 2013.
- Gross margin was 24.0%, compared with 24.7% in the fourth quarter of 2013 and 12.7% in the first quarter of 2013.
- Income from operations was RMB203.5 million (US$32.7 million), compared with income from operations of RMB262.3 million in the fourth quarter of 2013 and a loss from operations of RMB16.8 million in the first quarter of 2013.
- Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB9.5 million (US$1.5 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB164.3 million in the fourth quarter of 2013 and a net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB128.7 million in the first quarter of 2013.
- Diluted loss per American depositary share ("ADS") was RMB1.20 (US$0.20), compared with diluted earnings per ADS of RMB5.88 in the fourth quarter of 2013 and diluted loss per ADS of RMB5.80 in the first quarter of 2013. Diluted loss per share excluded gain on changes in the fair value of the convertible bonds issued in January 2014.
- Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the first quarter of 2014 was RMB37.3 million (US$6.0 million), compared with non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB218.5 million in the fourth quarter of 2013 and a non-GAAP net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB75.3 million in the first quarter of 2013.
- Non-GAAP basic and diluted earnings per ADS were RMB1.24 (US$0.20) and RMB1.12 (US$0.20), respectively, in the first quarter of 2014.
"I am pleased to report a strong start to the year as we record our fourth consecutive quarter of profitability, well within our previously issued guidance," commented Mr. Kangping Chen, JinkoSolar's Chief Executive Officer. "We continued to expand our manufacturing and downstream businesses by increasing our geographic reach, further cutting costs and keeping gross margins stable. We are confident in our ability to deliver solid results for the year as we benefit from the high gross margins in our module business and the growing profits from our downstream business."
"Our new revenue stream from power generation increased 62.3% sequentially to RMB48.4 million as we generated a record 50 million kWh of energy during the quarter. We believe that project development will quickly rebound in the second quarter, as we work to connect 140MW worth of PV projects to the grid and begin constructing another 200MW to 250MW."
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