JinkoSolar Stock up 4.8%

JinkoSolar stock rose as the company shrugged off concerns over Chinese demand.

JinkoSolar Holding Co. Ltd. (NYSE: JKS) rose 67 cents today to $14.57 after it reported its earnings fell short of targets but its results beat on sales.

The solar panel manufacturer reported $728.1 million in sales during the quarter ended March 31. Although 20.9 percent lower year-over-year because of decreases in solar panel prices and shipments, revenue beat estimates of $721.7 million, according to Yahoo! Finance.

Net income also fell sharply to RMB 3.6 million ($573,000) from RMB 60.4 million in the first quarter of 2017. The earnings equalled 1.6 cents per basic and diluted ADS. Each American depositary share represents four ordinary shares. Analysts had expected JinkoSolar to earn 24 cents per share.

Solar panels were already getting cheaper this year, and then China pulled the plug this month on about 20 gigawatts of domestic installations. The result was a glut of global inventories, and now prices are plunging even faster.

Source : Capital Watch