The following is a summary of the JinkoSolar Holding Co., Ltd. (JKS) Q1 2024 Earnings Call Transcript:
Financial Performance:
JinkoSolar reported Q1 revenues of $3.2 billion, slightly down YoY due to a decrease in the average selling price of solar modules.
Gross margin was 11.9%, flat sequentially, and total operating expenses were $426 million, down by 18%.
Net income for the quarter was $84.4 million, a noteworthy increase sequentially with adjusted net income approximately $65 million, slightly up sequentially.
They reported a positive cash flow in Q1 with cash spent on repurchasing ADS and planning dividends as part of a preliminary shareholder return plan.
Business Progress:
Module shipments grew 53.3% YoY to nearly 20 GW in Q1 with 70% shipped to overseas markets.
The N-type capacity expected to exceed 90% by the end of 2024, and another 1 GW is planned for production in the US in Q2.
For the full year 2024, module shipment is expected to be between 100 GW and 110 GW, with N-type modules accounting for nearly 90% of total shipments.
A fire at their Shanxi factory influenced expansion plans, affecting around 3 to 5 gigawatts of capacity. Phase II of expansion is set to be fully operational by Q4.
JinkoSolar is implementing cost-reduction initiatives aimed at efficiency and logistics improvement and adopting new technologies.
They plan to continue repurchasing stocks and declare dividends, targeting an annual shareholder return of approximately $200 million.
More details: JinkoSolar IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.