JinkoSolar Holding Co Ltd, which went public earlier this year, reported third-quarter results that handily topped Wall Street estimates on higher shipments, prompting the Chinese solar company to raise its sales forecast for the current quarter and the full-year.
The company’s shares, valued at about $655 million as of Friday, climbed 24 percent to their all-time high of $37.34 Monday morning on the New York Stock Exchange. They have nearly tripled in value since the company went public.
Sales at solar companies have surged this year, driven by strong demand globally and especially in Germany, which consumes more than half the world’s supply of the modules that turn sunlight into electricity.
For the fourth quarter, JinkoSolar expects solar product shipments of 130-140 megawatts (MW). It shipped 134.8 MW in the third quarter. The company also raised its full-year shipment and revenue view.
Fourth-quarter revenue is expected to come in at $210-$220 million, against estimates of $162.4 million. Third-quarter revenue was $215 million.
For July-September, the company earned $38.8 million, or $1.75 per American Depositary Share (ADS). Analysts on average expected the company to earn 96 cents per ADS, on revenue of $153.3 million, according to Thomson Reuters I/B/E/S.
JinkoSolar, which agreed to supply 130 MW of photovoltaic modules as an extension of a current contract with an unnamed customer earlier this month, had in-house cell and module production capacities of 300 MW and 450 MW, respectively, at the end of September.
