Shares of JinkoSolar Holdings Co. (NYSE:JKS) fell this morning as investors digested the company's first-quarter 2020 results. The company's stock was down by as much as 11.4% in early-morning trading.
As of 10:52 a.m. EDT, JinkoSolar shares had dropped 8.8%.
Excluding the impact from "the disposal of the two solar power plants in Mexico," JinkoSolar's quarterly revenue of $1.03 billion was in line with the company's own revenue guidance range of $1 billion to $1.08 billion.
But it was the company's non-GAAP earnings per share of $0.72 in the quarter that disappointed investors. Analysts' consensus earnings estimate for the quarter was $1 per share.
Despite investors not being thrilled with the company's latest quarter, JinkoSolar's CEO Kangping Chen said that the company "continued to outperform during the quarter despite a very challenging global operating environment." He added that "total solar module shipments, total revenue and gross margin were all within our guidance range for the quarter."
The novel coronavirus pandemic has negatively affected JinkoSolar, along with many other companies, with investors pushing the company's share price down 24.9% over the past six months. And with the U.S. and global economies still reeling from COVID-19, JinkoSolar investors can likely expect more uncertainty from the company's stock over the short term.