Highpower International, Inc. reported consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported net sales of $90,557,479 as compared to $71,405,560 for the same period last year. Income from operations was $7,478,201 as compared to $4,490,322 for the same period last year. Net income was $6,114,028 as compared to $5,152,895 for the same period last year. Net income attributable to the Company was $6,114,028 as compared to $5,024,193 for the same period last year. Diluted earnings per share was $0.39 as compared to $0.32 for the same period last year. EBITDA was $9,033,125 as compared to $7,342,645 for the same period last year.

For the nine months, the company reported net sales of $205,264,892 as compared to $164,972,338 for the same period last year. Income from operations was $8,734,352 as compared to $12,281,018 for the same period last year. Net income was $7,709,407 as compared to $12,227,637 for the same period last year. Net income attributable to the Company was $7,709,407 as compared to $11,931,079 for the same period last year. Diluted earnings per share was $0.49 as compared to $0.77 for the same period last year. EBITDA was $14,586,684 as compared to $18,846,834 for the same period last year. Net cash flows used in operating activities was $9,769,741 as compared to $5,577,425 for the same period last year. Acquisitions of property, plant and equipment was $9,796,130 as compared to $7,297,901 for the same period last year.

For the fourth quarter of 2018, the Company expects net revenues to grow around 30% year over year, excluding the impact from GZ Highpower. Gross margin is expected to be similar to that of the third quarter of 2018. The Company will closely monitor all potential risks and uncertain impacts related to the trade conflict between the U.S. and China, raw material prices, and exchange rates.