Jinko Solar earnings topped first-quarter estimates early Friday, continuing strong growth for the Chinese solar power company. But Jinko Solar stock fell after closing in buy range on Thursday.
Before the stock market open, Jinko Solar(JKS) reported an adjusted profit of 12 cents on revenue of $867.5 million. Wall Street expected Jinko Solar earnings of 10 cents on revenue of $861.6 million. Revenue jumped 25% from the year ago quarter, while earnings soared 140%.
The China-based company is a leading provider of solar panels. Solar module shipments, in megawatts, jumped 51% in the quarter.
Jinko Solar stock dropped 2.7% to close at 21.69 on the stock market today. The stock plunged more than 7% at one point to end up back below its 21.90 buy point. Shares rose 2.4% to 22.28 on Thursday. Jinko Solar stock had more than doubled this year.
The Energy-Solar group is ranked No. 1 out of 197 industries that IBD tracks.
“We continue to see strong demand from overseas markets and have secured the vast majority of our order book for the rest of the year,” said Kangping Chen, the company’s chief executive, in prepared remarks with the Jinko Solar earnings release. “The global solar market continues to generate rapid and sustainable growth momentum.”