JinkoSolar reported fourth-quarter results early Wednesday that beat on revenue but missed on earnings, as the company cited continuing supply chain issues. JKS stock fell.
The solar equipment company reported adjusted earnings of 67 cents a share on revenue of $2.57 billion. Analysts expected JinkoSolar to report earnings of 90 cents a share on revenue of $2.15 billion. Revenue jumped 74% from the year-ago period.
JKS stock dropped 4.2%, closing at 51.86 on the stock market today.
"Despite supply chain challenges in the fourth quarter, we achieved significant growth in both shipments and revenues compared to the third quarter of 2021," the company said in the JinkoSolar earnings release.
China-based JinkoSolar is one of the largest providers of solar modules, silicon wafers and cells. Shipments of solar modules by megawatts jumped 94% sequentially and 68% from the year-ago period.
"We were very pleased to close a very challenging year of 2021 with excellent results," JinkoSolar Chief Executive Xiande Li said in written remarks. He added, "We were able to swiftly respond to supply chain volatility and logistic challenges thanks to our competitive advantages in supply chain management."
JKS stock is trading above its 50-day and 200-day moving averages.
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