China Yuchai Int'l (CYD) Tops Q4 EPS by 33c, Revenues Beat

China Yuchai Int'l (NYSE: CYD) reported Q4 EPS of $0.68, $0.33 better than the analyst estimate of $0.35. Revenue for the quarter came in at $660.4 million versus the consensus estimate of $495.24 million.

• Net revenue increased by 19.7% to RMB 4.5 billion (US$ 660.4 million) compared with RMB 3.8 billion in the fourth quarter of 2017;
• Gross profit declined by 18.0% to RMB 0.9 billion (US$ 125.6 million), with gross margin decreasing to 19.0%, compared with RMB 1.1 billion and a gross margin of 27.7% in the fourth quarter of 2017;
• Operating profit decreased by 48.2% to RMB 332.6 million (US$ 48.5 million), compared with RMB 641.7 million in the fourth quarter of 2017, which included a gain of RMB 252.6 million from a one-time event in the fourth quarter of 2017;
• Net earnings attributable to China Yuchai's shareholders decreased by 45.0% to RMB 191.8 million (US$ 27.9 million) compared with RMB 348.6 million in the fourth quarter of 2017, which included a net gain of RMB 111.6 million from one-time and extraordinary events;
• Basic and diluted earnings per share were RMB 4.69 (US$ 0.68), compared with RMB 8.54 basic and RMB 8.52 diluted respectively, in the fourth quarter of 2017, which included a net gain of RMB 2.73 in basic and diluted earnings per share from one-time and extraordinary events;
• The total number of engines sold increased by 27.5% to 93,881 units compared with 73,610 units in the fourth quarter of 2017.

Mr. Weng Ming Hoh, President of China Yuchai, commented, "Our truck engine sales grew higher than the overall truck vehicle market in the fourth quarter of 2018 with growth in medium-duty truck engine sales. Our light-duty truck engine sales also increased as compared to the light-duty truck vehicle market. Sales to the agricultural equipment market was higher in the fourth quarter of 2018 as well."

"During 2018, we introduced 14 new engines for the on-road National VI emission standards, and 10 new engines for the upcoming new Tier 4 emission standard for off-road vehicles. These standards are significantly more stringent than the current standards and require advanced technology and new production techniques."

"We continue to see uncertainty in the China economy this year in view of the US and China trade dispute and world economic development."

For earnings history and earnings-related data on China Yuchai Int'l (CYD) click here.

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