JinkoSolar Holding Company Limited ( JKS ) stock is moving higher on Wednesday following the company’s third-quarter fiscal earnings.

The Details: JinkoSolar ( JKS ) reported a loss of 6 cents per share, beating analysts estimate of a loss of 29 cents per share. Sales of $3.49 billion beat analyst estimates of $3.20 billion.

Although quarterly sales surpassed analysts expectations, the reported figure represents a 23% decline year-over-year. The company attributed the year-year-year decease to a decline in the average selling price of solar modules.

“While earnings were under pressure across the industry during the quarter, we achieved relatively outstanding results leveraging our leading position in N-type TOPCon technology, competitive products, as well as our global sales and manufacturing networks. Imbalance between supply and demand led to continuous price decline in the end market, causing losses to almost the whole industrial chain,” said Xiande Li, JinkoSolar’s Chairman and CEO.

“As we worked to balance utilization rates, shipments and profitability, prices in the third quarter were stable sequentially, and shipments to the U.S. increased significantly quarter-over-quarter. We also continued to optimize our integrated cost through technical advancements and supply chain management. Gross margin was 15.7%, and net income was $3.2 million, both improved significantly sequentially.”

JinkoSolar ( JKS ) reported that quarterly shipments were up 14.7% year-over-year, totaling 25,910 MW. The company said that 23,838 MW were for solar modules and 2,072 MW for cells and wafers.

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JKS Price Action: At the time of publication, JinkoSolar ( JKS ) stock is moving 8.13% higher at $26.12, according to data from Benzinga Pro.

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