Chinese photovoltaic manufacturer JinkoSolar has updated its guidelines for the quarter ending on 30 September with shipments and revenue expected to be slightly lower than previously forecast.
The company now estimates total revenue for the period to be in the range of $270m to $280m, as opposed to the previous guide of between $310m and $330m. It expects shipments of solar modules to have a combined capacity of 210MW to 220MW, compared to company predictions of 230MW and 250MW.
For the full year, the company is now envisaging revenues worth $1.1bn to $1.2bn, a decline on the previous guidance of a range from $1.4bn to $1.5bn. It expects to ship between 870MW and 900MW of units, compared to the original forecast of 950MW to 1000MW.
Kangping Che, CEO of JinkoSolar, said, '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.'
A recent NewNet analysis showed some of the struggles being experienced by the Chinese solar sector with JinkoSolar seeing one of the most dramatic declines in stock valuation this year. It is listed on NYSE and since a 2011-high in February has lost $20 from its share price.