JinkoSolar(JKS $15.23 +1.68) reported second quarter earnings of $0.56 per share, excluding non-recurring items, $0.38 better than the Capital IQ Consensus Estimate of $0.18, while revenues rose 47.6% year/year to $287.6 million which was lower than expected.

Total solar product shipments were 489.2 megawatts (ahead of co's guidance of 450MW-470MW), consisting of 460.0 MW of solar modules, 11.1 MW of silicon wafers and 18.1 MW of solar cells. This represents an increase of 44.5% from 338.6 MW in the first quarter of 2013 and an increase of 61.9% from 302.1 MW in the second quarter of 2012. Gross margin was 17.7%, compared with 12.7% in the first quarter of 2013 and 8.4% in the second quarter of 2012. Guidance: For the third quarter of 2013, total solar module shipments are expected to be between 460 MW and 500 MW. For the full year 2013, total solar module shipments have been revised upwards and are now expected to be between 1.5 GW and 1.7 GW (prior guidance of 1.2 GW-1.5 GW), with total project development scale expected to remain between 200 MW and 300 MW.

 "During the second quarter of 2013, increasing demand from regions where we have made strategic investments and our ability to efficiently execute our strategy further solidified our leading position in the global PV market. We increased shipment volumes and expanded our gross margin to 17.7%, making JinkoSolar among the first Chinese module producers to return to net profitability since the downturn. We recently increased our integrated production capacity from 1.2 GW to 1.5 GW as a result of technological improvements and the upgrading of production lines. By persevering through our strategy, we have successfully navigated the rapidly changing solar power environment to emerge a stronger, profitable, more nimble company. Most importantly, we expect to realize net profitability for the entire year as we are confident that this quarter's strong operational and financial performance is indicative of our future performance. Module shipments for 2013 have been revised upwards and are expected to be in the range of 1.5 GW to 1.7 GW, compared to our previous outlook of 1.2 GW to 1.5 GW."