Bitauto (BITA) Tops Q3 EPS by 6c, Revenues Beat; Offers Q4 Revenue Outlook

Bitauto (NYSE: BITA) reported Q3 EPS of $0.53, $0.06 better than the analyst estimate of $0.47. Revenue for the quarter came in at $396.7 million versus the consensus estimate of $385.21 million.

• Revenue in the third quarter of 2018 was RMB2.72 billion (US$396.7 million), a 25.9% increase from the corresponding period in 2017.
• Gross profit in the third quarter of 2018 was RMB1.67 billion (US$243.3 million), a 12.2% increase from the corresponding period in 2017.
• Income from operations in the third quarter of 2018 was RMB66.0 million (US$9.6 million), compared to a loss from operations of RMB433.3 million (US$63.1 million) in the corresponding period in 2017.
• Non-GAAP income from operations in the third quarter of 2018 was RMB408.3 million (US$59.4 million), a 53.4% increase from the corresponding period in 2017.
• Net loss in the third quarter of 2018 was RMB20.1 million (US$2.9 million), compared to a net loss of RMB510.2 million (US$74.3 million) in the corresponding period in 2017.
• Non-GAAP net income in the third quarter of 2018 was RMB345.0 million (US$50.2 million), a 48.8% increase from the corresponding period in 2017.
• Net loss attributable to Bitauto in the third quarter of 2018 was RMB26.7 million (US$3.9 million).
• Non-GAAP net income attributable to Bitauto in the third quarter of 2018 was RMB265.8 million (US$38.7 million).
• Basic and diluted net loss per ADS in the third quarter of 2018 was RMB0.44 (US$0.06) and RMB0.47 (US$0.07), respectively.
• Non-GAAP basic and diluted net income per ADS in the third quarter of 2018 was RMB3.66 (US$0.53) and RMB3.36 (US$0.49), respectively.

Mr. Andy Zhang, chief executive officer of Bitauto, said, "Despite weakening passenger vehicle sales in China since July, we were able to maintain healthy growth across our businesses in the third quarter of 2018 with total revenue increasing 25.9% year-over-year to RMB2.72 billion. In our advertising and subscription business, we achieved 7.7% year-over-year growth, with revenue reaching RMB1.06 billion. In particular, our core advertising and subscription business, which excludes contributions from subsidiaries in which we hold controlling interests, grew 14.9% year-over-year for the quarter. In our transaction services business, revenue saw steady growth of 39.6% year-over-year to RMB1.36 billion. In our digital marketing solutions business, revenue growth recovered in the third quarter, recording a 47.7% year-over-year increase to RMB305.0 million."

GUIDANCE:

Bitauto sees Q4 2018 revenue of $425.2-432.4 million, versus the consensus of $430.7 million.

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

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