JinkoSolar reports Q1 EPS 54c, consensus 44c

Reports Q1 revenue $3.40B, consensus $3.23B. Xiande Li, JinkoSolar’s Chairman and CEO, commented, "We are pleased to deliver year-over-year improvements in module shipments, total revenues and gross margin. With polysilicon prices being volatile in the first quarter, we adjusted our supply chain strategy to effectively control costs. Meanwhile, the ratio of N-type products shipment approached nearly 50% of our total module shipments thanks to their high efficiency and our strong global marketing network, which partially contributed to the improvement in our profitability. Gross margin was 17.3%, compared with 15.1% in the Q1 of 2022. Our profitability in the first quarter remained under pressure from demurrage costs in the U.S. market. We have proactively taken measures to address this and we have seen both the efficiency of customs clearance and the size of our shipments to the US market gradually improve recently. As we continue to make effective progress, we expect our shipments to the US market to gradually increase in the coming quarters.