Bitauto (BITA) Tops Q2 EPS by 3c, Beats on Revenues; Offers 3Q Revenue Guidance Above Consensus

Bitauto (NYSE: BITA) reported Q2 EPS of $0.25, $0.03 better than the analyst estimate of $0.22. Revenue for the quarter came in at $320.2 million versus the consensus estimate of $278.25 million.

Third Quarter 2017 Outlook

Bitauto currently expects to generate revenue in the range of RMB2.17 billion (US$320.1 million) to RMB2.22 billion (US$327.5 million) in the third quarter of 2017, representing a 42.3% to 45.6% increase from the corresponding period in 2016, or with direct vehicle sales being excluded, representing a 61.2% to 64.9% net revenue increase from the corresponding period in 2016.

GUIDANCE:

Bitauto sees Q3 2017 revenue of $320.1-327.5 million, versus the consensus of $302.96 million.

Bitauto Second Quarter 2017 Highlights

• Revenue in the second quarter of 2017 was RMB2.17 billion (US$320.2 million), a 54.7% increase from the corresponding period in 2016.
• Gross profit in the second quarter of 2017 was RMB1.40 billion (US$206.2 million), a 62.2% increase from the corresponding period in 2016.
• Income from operations in the second quarter of 2017 was RMB12.8 million (US$1.9 million), a 17.2% increase from the corresponding period in 2016.
• Non-GAAP income from operations in the second quarter of 2017 was RMB294.2 million (US$43.4 million), a 62.9% increase from the corresponding period in 2016.
• Net loss in the second quarter of 2017 was RMB63.3 million (US$9.3 million), compared to a net loss of RMB39.1 million (US$5.8 million) in the corresponding period in 2016.
• Non-GAAP net income in the second quarter of 2017 was RMB225.4 million (US$33.2 million), a 69.2% increase from the corresponding period in 2016.
• Basic and diluted net loss per ADS in the second quarter of 2017 was RMB2.34 (US$0.35) and RMB2.35 (US$0.35), respectively.
• Non-GAAP basic and diluted net income per ADS in the second quarter of 2017 was RMB1.72 (US$0.25) and RMB1.60 (US$0.24), respectively.

For earnings history and earnings-related data on Bitauto (BITA) click here.

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