JinkoSolar Cuts Shipments And Revenue Forecast

Tallahassee, FL 11/14/11 (StreetBeat) --China-based solar products company JinkoSolar (NYSE: JKS) this morning reduces its guidance for the quarter Ended September 30.

The company now sees module shipments of 210-220 MW, down from previous guidance of 230-250 MW. Revenue guidance is reduced to $270 million to $280 million, from a previously forecast $310 million to $330 million.

“Weak market demand and declining average selling prices throughout the solar supply chain resulted in shipment volumes and revenues that were lower than we expected in the third quarter,” CFO Kangping Chen said in a statement.

For the full year, the company now sees shipments of 870-900 MW, down from previous guidance of 950-1,000 MW. Revenue guidance is now $1.1 billion to $1.2 billion, down from previous guidance of $1.4 billion to $1.5 billion.

JKS this morning is down 56 cents, or 7.2%, to $7.20.

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