Jinpan (JST) Reports Preliminary Q2 EPS of 15c, In-Line w/ Views; Net Income Expected to Decrease in FY12
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Jinpan International Ltd. (Nasdaq: JST), announced preliminary financial results for the second quarter ended June 30, 2012.
The Company reported preliminary unaudited net sales for the second quarter of 2012 of approximately US$55.6 million, a 4.6% decrease from US$58.3 million for the same period last year. The Street was looking for sales of $55.60 million.
Domestic sales accounted for US$50.8 million of revenue while international sales represented US$4.8 million, compared to US$46.1 million of domestic sales and US$12.2 million of international sales in the second quarter of 2011. Preliminary second quarter gross profit margin is expected to be approximately $14.5 million or 26% of net sales, compared to US$22.2 million, or 38.1% in the prior year period. Preliminary second quarter net income and diluted earnings per share are expected to be approximately US$2.5 million and US$0.15, respectively, in-line with consensus views.
In light of the preliminary second quarter results, management is adjusting its full year guidance. Management expects that:
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The Company reported preliminary unaudited net sales for the second quarter of 2012 of approximately US$55.6 million, a 4.6% decrease from US$58.3 million for the same period last year. The Street was looking for sales of $55.60 million.
Domestic sales accounted for US$50.8 million of revenue while international sales represented US$4.8 million, compared to US$46.1 million of domestic sales and US$12.2 million of international sales in the second quarter of 2011. Preliminary second quarter gross profit margin is expected to be approximately $14.5 million or 26% of net sales, compared to US$22.2 million, or 38.1% in the prior year period. Preliminary second quarter net income and diluted earnings per share are expected to be approximately US$2.5 million and US$0.15, respectively, in-line with consensus views.
In light of the preliminary second quarter results, management is adjusting its full year guidance. Management expects that:
- the Company's net sales for 2012 to be US$ 219 to US$ 230 million or 0% to 5% growth over net sales in 2011 of US$ 219 million. (The Street sees sales of $223.7 million.);
- the Company's gross profit margin for 2012 is expected to be approximately 33% of net sales, compared to gross profit margin in 2011 of 36.7% of net sales; and
- the Company's net income for 2012 is expected to experience a decrease of 15% to 20%, compared to US$ 23.8 million in 2011.
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