‘Silicon Module Super League’ (SMSL) member JinkoSolar has reported the second consecutive quarter of solar module shipments that were higher than leading SMSL rival, Trina Solar.
JinkoSolar, which has been building strong annual module shipments momentum since 2014, reported second quarter 2016 shipments of 1,716MW, beating the top-end of guidance of 1,700MW and established a new quarterly shipment record, beating its previous record 1,709.9MW in the fourth quarter of 2015.
Total module shipments included 204MW used in its downstream projects. Total solar module shipments increased by 7.3% from 1,600MW in the first quarter of 2016 and 87.9% from 913MW in the second quarter of 2015.
Nearest rival, Trina Solar has shipments of 1,423.3MW and 1,658.3MW in the first quarter and second quarter of 2016, respectively.
Kangping Chen, JinkoSolar's Chief Executive Officer, commented, “Module shipments reached a record high of 1,716MW, exceeding the high end of our guidance. Total revenues reached US$896.1 million, an increase of 86.1% over the same period last year. We expect global demand to remain robust despite recent industry headwinds and are confident that we will be able to carry this strong growth momentum throughout the second half of the year.”
Management noted that strong demand during the quarter came from the US and China which accounted for the majority of shipments.
JinkoSolar reported second quarter total revenue of US$896.1 million, an increase of 8.9% from the previous quarter and 86.1% from the second quarter of 2015.
Gross profit in the second quarter of 2016 was US$182.4 million, compared with US$180.8 million in the first quarter of 2016. Gross margin was 20.4%, compared with 21.3% in the first quarter of 2016 and 20.7% in the second quarter of 2015. Income from operations was US$67.0 million, compared US$89.0 million in the previous quarter.
The company had US$556.8 million in cash and cash equivalents at the end of the second quarter of 2016.
JinkoSolar reported that its Solar power projects segment generated 327GWh of electricity in the quarter, representing an increase of 55.8% from the first quarter of 2016 and 60.9% from the second quarter of 2015.
Total revenues generated from solar power projects were US$43.4 million, representing an increase of 55.5% from the first quarter of 2016 and 62.1% from the second quarter of 2015. Cumulative connected PV power plants reached 1,130MW.
JinkoSolar noted that total solar module shipments for the third quarter of 2016 are expected to be in the range of 1.5GW to 1.7GW, which includes 1.40GW to 1.65GW of module shipments to third parties and inline with quarterly run rates to meet unchanged full-year guidance of 6GW and 6.5GW.