China XD Plastics (CXDC) Reports Q1 EPS of $0.29 on Revenues of $310.5M; Affirms FY18 Guidance

China XD Plastics (NASDAQ: CXDC) reported Q1 EPS of $0.29. Revenue for the quarter came in at $310.5 million.

• Revenue was $310.5 million, an increase of 30.6% YoY
• Gross profit was $53.9 million, an increase of 54.9% YoY
• Gross margin of 17.4%, an increase of 280 basis points YoY
• Net income was $19.1 million, an increase of 92.9% YoY
• EBITDA was $49.6 million, an increase of 45.9% YoY
• Total volume shipped was 106,236 metric tons, up 24.4% YoY

Financial Guidance and Business Outlook

The Company reiterates its financial guidance for fiscal 2018 to range between $1.2 and $1.4billion in revenue. Gross margin in fiscal 2018 is expected to remain stable as compared to that of fiscal 2017. The Company project net income to range between $90and$110million. This is based on the anticipation of a steady recovery throughout the Chinese automotive supply chain and a stabilization of crude oil pricing and its impact on polymer composite materials in 2018. This forecast also assumes contributions from the Sichuan plant and the Dubai second phase project, which will be completed by the end of second quarter of 2018 and the end of 2018, respectively. It also assumes the average exchange rate of the US dollar to RMB at 6.3. This financial guidance reflects the Company\'s preliminary view of its business outlook for fiscal 2018 and is subject to revision based on changing market conditions at any time.

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

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