JinkoSolar Holding Co. (JKS), a Chinese solar manufacturer, rose after it shipped 62 percent more panels in the second quarter and raised annual estimates.
Jinko’s American depositary receipts climbed 4.9 percent to $14.21 at the close in New York. Earlier the shares reached $15.62, the highest intraday since Sept. 1, 2011. The Shangrao, China-based company’s ADRs are each worth four ordinary shares.
The company shipped 489.2 megawatts of panels in the quarter, up from 302.1 megawatts in the same period last year, JinkoSolar said today in a statement. Sales rose 43 percent to 1.77 billion yuan ($288.4 million).
The company is benefiting as panel prices stabilize after falling nearly 40 percent during the past two years and their oversupply wanes, Chen Kangping, chief executive officer, said on a conference call with analysts today.
“We are now prepared to take full advantage of the more favorable industry conditions,” Chen said. The company is reducing its exposure to Europe, where demand is falling, to focus on fast-growing markets like China, Japan and the U.S., Chen said.
Higher demand helped the company reach its first profit since the third quarter of 2011, Chen said. JinkoSolar’s net income was 49 million yuan in the quarter, up from a loss of 310.5 million yuan in the same period last year.
As a result, the company raised its shipment forecast to 1.5 to 1.7 gigawatts of panels for 2013, up from 1.2 to 1.5 gigawatts in June, and raised its annual production capacity to 1.5 gigawatts from the previous 1.2 gigawatts.
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