- JinkoSolar Holding Co Ltd (NYSE:JKS) reported second-quarter FY22 revenue growth of 137.6% year-on-year to $2.81 billion, beating the consensus of $2.28 billion.
- Higher shipment of solar modules drove the feat.
- Quarterly solar module shipments rose 102.4% Y/Y to 10,532 MW (10,183 MW for solar modules, 349 MW for cells and wafers).
- The gross margin contracted 240 basis points to 14.7% due to the higher material cost of solar modules.
- Loss per ADS was $(1.88). Operating margin loss was (1.5)% as it recorded an operating loss of $(43.2) million.
- It held $2.15 billion in cash and equivalents.
- Guidance: The company sees Q3 shipments of 9.0 GW – 10.0 GW.
- For the full year of 2022, the shipments will lie between 35.0 GW – 40.0 GW.
- Price Action: JKS shares traded higher by 1.88% at $59.75 in the premarket on the last check Friday.
RBC Capital Upgrades Thomson Reuters to Outperform, Lowers Price Target to $120
RBC Capital analyst Drew McReynolds upgrades Thomson Reuters (NYSE:TRI) from Sector Perform to Outperform and lowers the price target from $124 to $120.
