Jinko Solar (JKS) is having quite a morning, vaulting nearly 20% to new all time highs after crushing analyst estimates this morning. The company reported a whopping $1.75/share which wasn’t even close to the analyst estimate of $0.93 and a huge increase over the year ago quarter when the company reported just .09/share. Revenues were impressive as well coming in at $215 million vs the analyst consensus estimate of $153 million (a 267% increase over the year ago quarter).
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CEO Kangping Cheng commented: “During this third quarter, we achieved record revenues and shipments, both of which exceeded our previous targets. We continued to execute on our vertical integration strategy, increasing our capacities and improving control over manufacturing processes and costs. Our constant focus on product quality, efforts in strengthening sales and marketing capabilities and our substantial progress in improving the company’s bankability have enabled us to continue to expand our market share and increase the recognition of our brand name in both established and emerging solar markets. We have also secured additional solar module contracts for 2011 with both existing and new leading solar companies across a number of geographical regions. We expect to continue our strong momentum in the fourth quarter and believe we are well positioned to become a leader in the solar industry.”
Looking ahead, the company expects Q4 total shipments to be in the range of 130 MW to 140 MW with module shipments expected to be between 100 MW to 110 MW. Total revenues are expected to be in the range of US$210 million to US$220 million.
For the full year, they are raising their guidance for total solar shipments to a range of 448 MW to 458 MW, from its earlier guidance of 395 MW to 415 MW, with module shipments expected to be in an estimated range of 257 MW to 267 MW for the full year 2010, as compared to its earlier guidance of 195 MW to 205 MW. Full year 2010 revenue guidance is raised to a range of US$638 million to US$648 million, as compared to its earlier guidance of US$500 million to US$525 million.