Chinese company JinkoSolar Holding Co became the latest solar firm to cut its solar module shipments and revenue outlook for the third quarter, in a sector plagued by weak demand and declining selling prices.
Jinksolar joins a slew of companies like Yingli Green Energy and ReneSola Ltd which cut their shipment and profit margin forecasts last week.
Shanghai-based JinkoSolar forecast quarterly module shipments at 210-220 megawatt (MW), down from its previous outlook of 230- 250 MW.
The company expects revenue at $270-$280 million, compared with its previous forecast of $310-$330 million.
Analysts on average were expecting the company’s third-quarter revenue at $289 million, according to Thomson Reuters I/B/E/S.
Solar subsidy cuts in Germany and Italy earlier this year triggered a global glut of solar panels, which has driven down prices and forced some manufacturers into bankruptcy.
Companies like Trina Solar, China Sunergy, Canadian Solar and Phoenix Solar AG have also cut their targets for the year.
For the full year, JinkoSolar expects module shipments at 870-900 MW, from its prior outlook of 950-1000 MW.
The company cut its full-year revenue outlook to $1.1-$1.2 billion, from $1.4-$1.5 billion.
Analysts on average were expecting the company’s full-year revenue at $1.29 billion.
Shares of the company, which have shed almost two-thirds of their value this year, closed at $7.76 on Friday on the New York Stock Exchange.
