JinkoSolar Reports Mixed Q4 Results, Clocks 74% Revenue Growth

• JinkoSolar Holding Co., Ltd (NYSE:JKS) reported a fourth-quarter FY21 revenue growth of 73.9% year-on-year to $2.57 billion, beating the consensus of $2.15 billion.
• Quarterly shipments of 9,693 MW were up 67.9% Y/Y and 94.1% sequentially, including 9,024 MW for solar module shipments and 669 MW for cell and wafer shipments.
• The gross margin expanded 10 bps to 16.1%. The operating profit margin was 3% for the quarter, compared with 0.8% in 4Q20.
• Adjusted earnings per ADS of $0.67 missed the consensus of $0.90.
• JinkoSolar held $1.4 billion in cash and equivalents as of December 31, 2021.
• 1Q22 Outlook: JinkoSolar expects its total shipments of 7.5 GW - 8.0 GW.
• FY22 Outlook: JinkoSolar estimates its total shipments of 35.0 GW - 40.0 GW.
• JinkoSolar expects annual mono wafer, solar cell, and solar module production capacity to reach 50.0 GW, 40.0 GW, and 60.0 GW by the end of 2022.
• Price Action: JKS shares traded lower by 1.64% at $53.23 during the market session on Wednesday.