JinkoSolar Holding Co., Ltd. JKS reported first-quarter 2016 non-GAAP earnings per American Depositary Share (ADS) of $1.68, well ahead of the Zacks Consensus Estimate of $1.11 by 51.3%. In the year-ago quarter, the company reported earnings of 88 cents per share.Total RevenueIn the quarter under review, JinkoSolar’s total revenues of $848 million surpassed the Zacks Consensus Estimate of $714 million by 18.7%. On a year-over-year basis, the top line increased 98.8% primarily on the back of higher shipments as well as electricity revenues from solar projects.Quarterly HighlightsIn the first quarter of 2016, total solar product shipments were 1,600 megawatts (MW), up 102.7% year over year primarily due to higher shipments of solar modules, silicon wafers and solar cells. Out of total shipments, nearly 166 MW were used in its downstream projects.First-quarter gross margin increased to 21.3% from 20.3% in the first quarter of 2015. The improvement in gross margin was primarily due to a decline in costs and higher gross margins from the newly completed solar power projects ramping up to full capacity.JinkoSolar’s total operating expenses shot up 80.3% year over year to $91.8 million, primarily due to increases in shipping and warranty costs and provisions of accounts receivable.The company incurred $19.6 million as interest expenses, up 100.9% year over year mainly due to an increase in loans used for solar power projects.Financial ConditionAs of Mar 31, 2016, JinkoSolar had cash and cash equivalents of $522.9 million, down from $654.4 million as of Dec 31, 2015.Total interest bearing debts as of Mar 31, 2016, were $1.61billion compared with $1.59 billion as of Dec 31, 2015.GuidanceJinkoSolar expects second-quarter 2016 total solar module shipment in the range of 1.6–1.7 Gigawatts (GW). For 2016, the company expects total solar module shipments in the band of 6–6.5 GW.JinkoSolar expects 600 MW to 800 MW of total project development in 2016 on the back of its downstream business.Other Company ReleasesReneSola SOL reported earnings of 6 cents per ADS in the first quarter of 2016. The Zacks Consensus Estimate was a loss of 4 cents.JA Solar Holdings Co. Ltd. JASO posted first-quarter 2016 adjusted earnings of 36 cents per diluted American Depositary Share (ADS), beating the Zacks Consensus Estimate of 22 cents by a wide margin of 63.6%.Canadian Solar Inc. CSIQ reported first-quarter earnings of 37 cents per share, beating the Zacks Consensus Estimate of 13 cents by a whopping 184.6%.Zacks RankJinkoSolar currently carries a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report JA SOLAR HOLDGS (JASO): Free Stock Analysis Report RENESOLA LT-ADR (SOL): Free Stock Analysis Report JINKOSOLAR HLDG (JKS): Free Stock Analysis Report CANADIAN SOLAR (CSIQ): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research