Highpower International, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and First Half Ended June 30, 2018; Provides Earnings Guidance for the Third Quarter of 2018
For the six months, net sales were $114,707,413 compared to $93,566,778 a year ago. Income from operations was $1,256,151 compared to $7,790,696 a year ago. Income before taxes was $1,995,021 compared to $8,258,215 a year ago. Net income attributable to the Company was $1,595,379 or $0.10 per basic and diluted share compared to $6,906,886 or $0.45 per basic and diluted share a year ago. Net cash used in operating activities was $7,636,444 compared to Net cash flows provided by operating activities of $138,300 a year ago. Acquisitions of property, plant and equipment was $5,681,723 compared to $5,199,130 a year ago. Book Value Per Share as at June 30, 2018 was $4.38. EBITDA was $5,553,559 compared to $11,504,189 a year ago.
For the third quarter of 2018, the company expects net revenues to grow around 30% year over year. Gross margin is expected to be similar or better than that of the second quarter of 2018.