Benzinga | Jun 25, 2021 10:31AM EDT

JinkoSolar Stock Surges On Beating Q1 Earnings

* JinkoSolar Holding Co Ltd (NYSE:JKS) reported a first-quarter FY21 revenue decline of 6.4% year-on-year to $1.21 billion beating the analyst consensus of $1.19 billion. The revenue grew 9% Y/Y, excluding the disposal of solar power plants in Mexico in the Q1 of 2020.

* Quarterly solar module shipments rose 33.7% Y/Y to 5,354 MW (4,562 MW for solar modules, 792 MW for cells and wafers).

* The gross margin contracted 240 basis points to 17.1% due to a decline in the average selling price of solar modules, partially offset by a decrease in the cost of raw materials.

* The operating margin plummeted 670 basis points to 1.9%.

* Non-GAAP net income declined 78.3% Y/Y to $7.5 million.

* Non-GAAP EPS was $0.15 beating the analyst consensus of ($0.02) loss.

* It held $1.07 billion in cash and equivalents as of March 31, 2021.

* Guidance: The company sees a Q2 revenue outlook of $1.2 billion - $1.25 billion, below the analyst consensus of $1.4 billion.

* Price action: JKS shares traded higher by 10% at $41.66 on the last check Friday.