- JinkoSolar Holding Co Ltd (NYSE:JKS) reported first-quarter FY23 revenue growth of 58% year-on-year to $3.40 billion, beating the consensus of $3.23 billion.
- Higher shipment of solar modules drove the feat. Quarterly solar module shipments rose 72.7% Y/Y to 14,490 MW (13,038 MW for solar modules, 1,452 MW for cells and wafers).
- The gross margin expanded 220 basis points to 17.3% due to the higher shipments of N-type modules with higher gross margins.
- The operating margin expanded by 490 bps to 5.2%.
- Adjusted EPS of $0.58 beat the consensus of $0.44.
- It held $1.48 billion in cash and equivalents.
- Chair and CEO Xiande Li commented, “With polysilicon prices being volatile in the first quarter, we adjusted our supply chain strategy to effectively control costs. Meanwhile, the ratio of N-type products shipment approached nearly 50% of our total module shipments thanks to their high efficiency and our strong global marketing network, which partially contributed to the improvement in our profitability.”
- Guidance: The company sees Q2 shipments of 16.0 GW – 18.0 GW.
- The company reiterated FY23 shipments of 60.0 GW – 70.0 GW.
- Price Action: JKS shares traded lower by 3.33% at $46.14 on the last check Friday.
Jefferies Maintains Hold on FedEx, Raises Price Target to $175
Jefferies analyst Stephanie Moore maintains FedEx (NYSE:FDX) with a Hold and raises the price target from $170 to $175.
