JinkoSolar Holding Co., Ltd (NASDAQ:JKS) Q2 2019 Earnings Conference Call Transcript
Aug 30, 2019 • 08:00 am ET
Ladies and gentlemen, welcome to the Quarter 2 of 2019 JinkoSolar Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions]
I would now like to have the conference over to your speaker today, Ms. Ripple Zhang. Thank you. Please go ahead.
Thank you, operator. Thanks everyone for joining us today for JinkoSolar second quarter 2019 earnings conference call. The Company's results were released earlier today and available on the Company's IR website at www.jinkosolar.com as well as on Newswire services. We have also provided a supplemental presentation for today's earnings call, which can also be found on the IR website.
On the call today from JinkoSolar are Mr. Chen Kangping, Chief Executive Officer; Mr. Charlie Cao, Chief Financial Officer; and Mr. Gener Miao, Chief Marketing Officer. Mr. Chen will discuss JinkoSolar's business operations and Company highlights, followed by Mr. Miao, who will talk about the sales and marketing; and then Mr. Cao, who will go through the financials. They will all be available to answer your questions during the Q&A session that follows.
Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our future results may be materially different from the views expressed today. Further information regarding these and other risks is included in JinkoSolar's public filings with the Securities and Exchange Commission. JinkoSolar does not assume any obligation to update any forward-looking statements, except as required under the applicable law.
It's now my pleasure to introduce Mr. Chen Kangping, CEO of JinkoSolar. Mr. Chen will speak in Mandarin, and I will translate his comments into English. Please go ahead, Mr. Chen.
[Foreign Speech] Thank you, Ripple. Good morning, and good evening to everyone, and thank you for joining us today. [Foreign Speech] We continued our strong start to the year with a robust quarter growth. Module shipments during the second quarter were 3,386 megawatt, an increase of 12% sequentially and 21% year-over-year. As with last quarter, overseas shipments accounted for over 90% of total shipments. Total revenues came in $1 billion, an increase of 19% sequentially and 14% year-over-year. While gross margins roughly flat sequentially at 16.5% and up substantially from 12% during the same quarter last year. Non-GAAP net income surged to $29.6 million, a significant increase from $5 million last quarter and $16.1 million during the same period last year. With our mono wafer production capacity growing and optimization of cost structure, we are confident in the overall profitability of the second half of the year.
[Foreign Speech] Demand for overseas markets were strong during the first half of 2019 where total export volumes and the value of modules from China jumped significantly year-over-year. China is expected to drive global demand following the July announcement of the National Development and Reform Commission and the National Energy Administration of a list of approved solar projects that secured government