The solar module maker's shipments fell 16.7% in the third quarter, but its revenue fell by more than double that rate as its industry suffers from overcapacity and falling prices

Solar module maker JinkoSolar Holding Co. Ltd. (NYSE:JKS) (688223.SH) continued to report sharp revenue declines and remained deeply in the red in the third quarter, but offered some positive signals from sequentially improving gross margins and growth for its newer energy storage business.

JinkoSolar and its peers have been struggling for more than a year due to the industry's huge overcapacity, sending prices plunging and plunging most companies into the red. The Chinese government has tried to support the industry by encouraging consolidation and shuttering of older capacity, but its efforts have yet to produce any significant ...