Niu Technologies (NASDAQ:NIU) news for Monday includes shares of NIU stock taking a beating after reporting earnings results for the third quarter of 2020. That comes after reporting diluted earnings per share of 1.01 yuan. This is below Wall Street’s estimate of 1.45 yuan. The company’s revenue of 894.46 million yuan also misses analysts’ estimates of 983.16 million yuan.
Here’s what else investors need to know about the Niu Technologies earnings news.
- Diluted per-share earnings are up 16.9% from 87 cents in the same period of the year prior.
- Revenue for the quarter comes in 36.7% higher than the 654.46 million yuan from the third quarter of 2019.
- Operating income of 80.96 million yuan is a 14.2% increase year-over-year from 70.88 million yuan.
- The Niu Technologies earnings report also has net income coming in at 80.01 million yuan.
- That’s a 20.5% jump from the company’s net income of 66.41 million yuan reported during the same time last year.
Dr. Yan Li, CEO of Niu Technologies, said this about the earnings news.
“Our China sales volume increased by 70% year over year driven by new products launched earlier this year and retail network expansion. Our international sales were affected by rebound of COVID-19 and sales volume grew by 6% only.”
Niu Technologies also provides a revenue outlook of 565 million yuan to 615 million yuan for the fourth quarter of 2020. For comparison, Wall Street is looking for revenue of 785.71 million yuan in that period.
Investors that want to learn more about Niu Technologies can follow this link for a quick breakdown of the electric vehicle (EV) company.
NIU stock was down 12% as of Monday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
