JinkoSolar's (JKS 2.27%) American Depositary Receipts are getting hit with big sell-offs in Thursday's trading. The Chinese solar-technologies company's share price was down 11.3% as of 12 p.m. ET.
Before the market opened today, JinkoSolar published results for last year's fourth quarter. The company reported sales that beat expectations, but the business recorded another substantial loss in the period.
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JinoSolar stock sinks after company reports substantial Q4 loss
JinkoSolar recorded a non-GAAP (adjusted) loss of 837.7 million Chinese renminbi (roughly $119.8 million) in the fourth quarter on sales of 17.51 billion renminbi -- or $2.5 billion after currency conversions. Revenue for the period came in roughly $140 million higher than the average analyst estimate. On the other hand, revenue was still down roughly 15% year over year even with performance coming in ahead of the consensus estimate.
NYSE: JKS
Key Data Points
What's next for JinkoSolar?
JinkoSolar's solar module shipments increased 20.9% on a sequential quarterly basis in last year's fourth quarter, but shipments were still down 4% on an annual basis. With the company reporting that its adjusted net loss in the period expanded substantially over the loss of 373.1 million renminbi recorded in the prior-year quarter, the near-term performance outlook may have become significantly weaker. While performance in the solar space can be somewhat lumpy, the business's year-over-year sales decline and weakening margins look concerning.
