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JinkoSolar returns to a profit in 3rd quarter

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November 18, 2013 07:57 AM EST | AP

NEW YORK (AP) — NEWS: JinkoSolar returned to a profit in the third quarter, helped by a sharp rise in shipments.

It's second consecutive quarter of profits and the Chinese solar company raised its full-year total solar module shipments forecast.

The stock surged in premarket trading Monday.

DETAILS: Total solar product shipments increased 55 percent to 518.9 megawatts.

Gross margin improved to 22.3 percent from 5.8 percent in the prior-year period thanks in part to ongoing cost cutting for its polysilicon and auxiliary materials and improved gross margins from electricity revenue from solar projects.

NUMBERS: For the period ended Sept. 30, JinkoSolar earned 103.5 million yuan ($16.9 million), or 72 cents per American depositary share. That compares with a loss of 114.5 million yuan, or 5.16 yuan per share a year ago.

Excluding one-time charges, earnings were $1.36 per ADS.

Each ADS represents four ordinary shares.

Revenue rose to 1.96 billion yuan ($320.7 million) from 1.33 billion yuan, mostly due to increased shipments of solar modules.

FUTURE: JinkoSolar now foresees 2013 total solar module shipments between 1.7 gigawatts and 1.8 gigawatts. Its prior outlook was for 1.5 gigawatts to 1.7 gigawatts.

STOCK: Shares of JinkoSolar Holding Co. Ltd. jumped $3.30, or 11.2 percent, to $32.80 before the market open.