China XD Plastics (CXDC) Reports Q3 EPS of $0.21 on Revenues of $311.4M

China XD Plastics (NASDAQ: CXDC) reported Q3 EPS of $0.21. Revenue for the quarter came in at $311.4 million, versus $0 reported last year.

Third Quarter 2017 Financial Summary

• Revenue was $311.4 million, a decrease of 6.1% YoY
• Gross profit was $47.3 million, a decrease of 32.0% YoY
• Gross margin of 15.2%, a decrease of 580 basis points YoY
• Net income was $14.1 million, a decrease of 30.2% YoY
• EBITDA was $39.0 million, a decrease of 15.4% YoY
• Total volume shipped was 111,852 metric tons, up 3.0% YoY

Financial Guidance and Business Outlook

The Company reiterates its financial guidance for fiscal 2017 with revenue to range between $1.2 billion and $1.3 billion, and net income to range between $85.0 million to $100.0 million. This is based on the anticipation of a continued recovery throughout the Chinese automotive supply chain and a stabilization of crude oil pricing and its impact on polymer composite materials in 2017. This forecast also assumes additional contributions from the Sichuan facility and that overseas sales will stablize as expected. It also assumes the average exchange rate of the US dollar to RMB at 6.8 and that the Company will incur interest expenses for long term loans and short term loans. This financial guidance reflects the Company\'s view of its business outlook for the fiscal year of 2017 and is subject to revision based on changing market conditions at any time.

GUIDANCE:

China XD Plastics sees FY2017 revenue of $1.2-1.3 billion.

For earnings history and earnings-related data on China XD Plastics (CXDC) click here.

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