RTTNews | Jun 25, 2021 03:43PM EDT

15:42 Friday, June 25, 2021 (RTTNews.com) - Chinese solar module manufacturers, JinkoStar Holdings. Co. Ltd (JKS) is up 10% on Friday after the company reported its first-quarter results and issued a strong outlook.

The company posted a net income of $33.7 million or $0.14 loss per share. Excluding special items, the net income was $7.5 million or $0.04 per share. The company also witnessed a 6.4% drop in their revenues to $1.21 billion. The company said that sharp rise in the price of polysilicon has driven up the price of modules, which has affected the downstream demand in the short term.

However, for the second quarter, the company expects to generate revenues of $1.20 billion to $1.25 billion. The street estimates the revenue to be $1.19 billion for the quarter.

The shares are currently trading at $42.35, up $4.49 or 11.86% from $37.86 at the close on Thursday. The shares opened at $36.96 and in the 52-week period, the shares have moved between $16.89 and $90.20.

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