UPDATE: Huami Corporation (HMI) Tops Q1 EPS by 12c, Beats on Revenues

(Update corrects earns to reflect ADS per share)

Huami Corporation (NYSE: HMI) reported Q1 earnings per ADS of $0.24, $0.12 better than the analyst estimate of $0.12. Revenue for the quarter came in at $93.4 million versus the consensus estimate of $84.42 million.

"We delivered strong results that exceeded our expectations in the quarter which provided a solid start to the year," said Wang Huang, Chairman and CEO. "Revenues for the quarter increased by 77% and adjusted net income attributable to Huami Corporation grew by 818%, both year-over-year. We continue to experience an enthusiastic reception to our products in China and as we expand internationally, where our reputation for delivering great products with exceptional value is fueling demand. Our close relationship with Xiaomi provides us with a partner with established distribution channels and market knowledge that allows international expansion to be a key component of our continued growth strategy."

David Cui, Chief Financial Officer, said, "The strong sales of both our self-branded and Xiaomi wearable products helped drive a better-than-expected quarter. Our revenue mix shift towards self-branded products, which generally yield both a higher average selling price and a higher gross margin, drove the increase in gross profit in the quarter while disciplined cost controls further enhanced operating profit. Our strong start to the year is representative of our leadership position in the industry, effective product development supported by the growing wearables market and our compelling opportunity for international expansion."

For earnings history and earnings-related data on Huami Corporation (HMI) click here.

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