UPDATE: JinkoSolar Posts Downbeat Q1 Profit, Shares Slide

Shares of JinkoSolar Holding Co JKS tumbled around 9% in pre-market trading after the company reported a weaker-than-expected profit for the first quarter. JinkoSolar swung to a quarterly profit of CNY9.5 million ($1.5 million), versus a year-ago loss of CNY128.7 million. On a per-ADS basis, JinkoSolar lost CNY1.20 (20 cents), versus a loss of CNY5.80. Excluding certain items, JinkoSolar earned CNY1.12 (20 cents) per ADS. Its revenue climbed 73% to CNY2.01 billion ($323.9 million). However, analysts were expecting earnings of 40 cents per share on revenue of $289 million. JinkoSolar's total solar product shipments climbed 72% to 581.2 megawatts. Its total operating expenses increased 70%, while gross margin widened to 24% versus 12.7%. JinkoSolar's solar module shipments came in at 455.1 megawatts for the period, versus the company's forecast of 440 MW to 470 MW. Mr. Kangping Chen, JinkoSolar's Chief Executive Officer said, "I am pleased to report a strong start to the year as we record our fourth consecutive quarter of profitability, well within our previously issued guidance." JinkoSolar projects solar modules shipment of 570 MW to 600 MW in the current quarter. The executive added, "We continued to expand our manufacturing and downstream businesses by increasing our geographic reach, further cutting costs and keeping gross margins stable. We are confident in our ability to deliver solid results for the year as we benefit from the high gross margins in our module business and the growing profits from our downstream business." JinkoSolar shares dipped 8.93% to $23.55 in pre-market trading.