JinkoSolar Holdings Co. Reports Lower Revenue and Profit for Q1 2024

Monday, 29 April 2024, 14:14
JinkoSolar Holdings Co. (NYSE: JKS) posted a significant decrease in net profit for the first quarter of 2024, accompanied by a slight drop in revenues. The China-based company's Q1 2024 revenues dipped by 1% year-over-year to $3.19 billion, and adjusted net income attributing to shareholders was $65.1 million, substantially lower than the prior year quarter. Despite an increase in total solar module shipments by 53%, the company reported a net profit of $84.4 million. This financial report signifies a challenging quarter for JinkoSolar in terms of profitability and revenue stability.
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JinkoSolar Holdings Co. Reports Lower Revenue and Profit for Q1 2024

JKS Earnings: JinkoSolar reports lower Q1 2024 revenue and profit

JinkoSolar Holdings Co. (NYSE: JKS) Monday reported a sharp decline in net profit for the first quarter of 2024 when the solar power company's revenues dropped modestly.

Revenues of the China-based company edged down 1% annually to $3.19 billion in the March quarter. Adjusted net income attributable to shareholders, excluding special items, was $65.1 million in Q1, which is sharply lower than the profit recorded in the prior year quarter.

  • On an unadjusted basis, the company reported a net profit of $84.4 million or $0.74 per ADS.
  • During the quarter, total solar module shipments increased 53% year-over-year to 19,993 MW.

Prior Performance

The post JKS Earnings: JinkoSolar reports lower Q1 2024 revenue and profit first appeared on AlphaStreet.

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