Shares of JinkoSolar Holding Co. Ltd. (NYSE: JKS) soared 11.03% on Monday, October 30th, 2024, after the leading solar panel manufacturer reported better-than-expected financial results for the third quarter of 2024, driven by its industry-leading position and strong global demand for its products.

JinkoSolar reported an adjusted loss of $0.06 per share for the quarter, significantly narrower than the analyst consensus estimate of a $0.29 loss per share. Additionally, the company's revenue for the quarter came in at $3.49 billion, surpassing analysts' expectations of $3.2 billion, despite representing a 20.01% year-over-year decrease.

The company attributed its strong performance to its leading position in N-type TOPCon technology, competitive products, as well as its global sales and manufacturing networks. JinkoSolar's module shipments ranked first in the industry for both the third quarter and the first three quarters of the year, reflecting the strong demand for its products.

Despite the challenging market conditions, JinkoSolar reported a net income of $3.2 million in the third quarter, and its gross margin improved significantly to 15.7%, compared to 11.1% in the previous quarter. The company also made progress in optimizing its integrated costs through technical advancements and supply chain management.

Looking ahead, JinkoSolar expects its module shipments to be in the range of 90.0 GW to 100.0 GW for full year 2024. The company remains focused on balancing market structure and profit margin levels, as well as optimizing its assets and liabilities structure, and turnover efficiency, further strengthening its resilience to risks.