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- JinkoSolar Holding Co Ltd JKS reported a second-quarter FY21 revenue decline of 6.2% year-on-year to $1.227 billion, marginally beating the consensus of $1.22 billion.
- The decline was due to a decrease in the shipment of solar modules.
- Quarterly shipments of 5,203 MW were up 16.4% Y/Y and down 2.8% sequentially.
- The gross margin contracted 80 bps Y/Y to 17.1%. The operating margin contracted 60 bps to 4.5%.
- Non-GAAP EPS of $0.22 beat the consensus loss of $(0.16).
- JinkoSolar held $1.01 billion in cash and equivalents.
- Outlook: JinkoSolar sees Q3 revenue of $1.24 billion - $1.37 billion below the consensus of $1.6 billion.
- It sees total shipments of 5 GW - 5.5 GW and a gross margin of 12% - 15% for Q3.
- Price Action: JKS shares traded higher by 1.54% at $47.50 in the premarket session on the last check Wednesday.
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