JinkoSolar reports Q2 EPS 28c, one estimate 69c
Reports Q2 revenue $1.17B, two estimates $998.2M. CEO Kangping Chen said, "Second quarter module shipments once again hit a record high, increasing 39.5% sequentially to 2,884MW. Total revenues hit $1.17 billion, an increase of 37.2% sequentially while our gross margin dropped slightly to 10.5%, from 11.2% in the first quarter of 2017. Shipments over the past few quarters have surged to new highs, allowing us to continuously capitalize on the growing recognition of JinkoSolar's brand and excellent products and services to increase our market share. While ASPs declined during the quarter, prices along our supply chain remained relatively high and impacting our margins. We also worked with our OEM partners more extensively than expected during the quarter to ensure timely delivery, which adversely impacted our margins. We are currently reviewing our strategy in order to improve profitability and further cut down the use of OEM going forward."