JinkoSolar drops Q4 profit dip

JinkoSolar Holding

20/03/2024 17:17

** Shares of solar module manufacturer JinkoSolar  JKS.N 
down 9.5% at $23.95
    ** Co's Q4 net income attributable to ordinary shareholders
falls ~95% to 29.3 mln yuan ($4.07 mln) from 665 mln yuan
($92.37 mln) in the prior-year quarter 
    ** "As module prices fell more than expected in the fourth
quarter and nearly 50% of our modules were sold to the Chinese
market at lower prices, gross margin for the fourth quarter
decreased significantly to 12.5% from 19.3% in the third
quarter" - CEO Xiande Li
    ** Firm posts gross profit of 4.09 bln yuan ($568.12 mln)
for the quarter vs 4.21 bln yuan ($584.79 mln) for last year's
quarter
    ** Co expects solar module shipments to be in the range of
18 gigawatt (GW) to 20 GW for Q1 2024 and between 100 GW-110 GW
for FY24
    ** JKS stock has fallen 35% YTD


($1 = 7.1992 Chinese yuan renminbi)

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com;))