Boston, MA 03/05/2014 (wallstreetpr) – JinkoSolar Holdings Co. Ltd (NYSE:JKS) has reported its fourth quarter earnings that were impressive, coming in at $1.36 earnings per share beating estimates of $0.71. The improvement experienced in the fourth quarter was attributed to diversified customer base as well as improvement in operational efficiency and the growth in the solar power market.
JinkoSolar Holdings Co. Ltd (NYSE:JKS) revenue for the fourth quarter came in at $361.4 million toppling consensus estimates of $349 million, a growth of 11.5% sequentially and a jump of 87.5% compared to the same period a year ago. Total revenue for the full year came in at 1.17 billion a surge of 47.6%. Growth in Shipments with improving selling prices has been cited as the reasons behind the stellar performance in terms of revenue.
Gross profit in the fourth quarter came in at $89.3 million representing gross margins of 24.7 million compared to a gross margin of 22.3% in the third quarter of the same fiscal year. Improvement in solar modules ASPs accompanied with high gross margins in revenues from solar electricity projects was the reason behind the experienced improvement in gross margins.
Total operating expenses
JinkoSolar Holdings Co. Ltd (NYSE:JKS) total operating expenses for the quarter came in at $46 million up 44.1% sequentially and an improvement of 64.2% when compared to the same quarter a year ago. The increase was as a result of an increase in research and development expenses, share based compensation expenses and costs incurred in solar module shipments.
Total shipments for the fourth quarter was up by 13.1% from 518.9 MW reported in the third quarter to 586.3 MW, this was also an improvement of 94.2% when compared to same quarter a year ago shipments of 301.9 MW.
JinkoSolar Financial position
JinkoSolar Holdings Co. Ltd (NYSE:JKS) cash and cash equivalent as of December 31, 2013 stood at $75.3 million up from $67.4 million reported in the December 31, 2012.
JinkoSolar Holdings Co. Ltd (NYSE:JKS) was up in Tuesday trading session by 17.02% closing the day at highs of $35.95.