Niu Technologies (NIU) Reports Q3 EPS of $0.11 on Revenues of $77M

Niu Technologies (NASDAQ: NIU) reported Q3 EPS of $0.11. Revenue for the quarter came in at $77 million.

Fourth Quarter 2019 Financial Highlights

• Revenues were RMB 536.1 million, an increase of 25.4% year over year
• Gross margin was 26.1%, compared with 13.5% in the fourth quarter of 2018
• Net income was RMB 60.7 million, compared with net loss of RMB 32.0 million in the fourth quarter of 2018
• Adjusted net income (non-GAAP)1 was RMB 68.5 million, compared with adjusted net loss of RMB 7.2 million in the fourth quarter of 2018

Fourth Quarter 2019 Operating Highlights

• The number of e-scooters sold reached 106,253, up 13.5% year over year
• Franchised stores in China reached 1,050, an increase of 30 since September 30, 2019
• International sales network expanded to 29 distributors covering 38 countries

Dr. Yan Li, Chief Executive Officer of the Company, commented: “We delivered a solid revenue growth and improved gross margin. The Company continued to operate profitably. Our revenue growth rate was 25.4%, well ahead of our initial guidance. We are pleased to see the continued strong demand of our products. We achieved a historically high gross margin at 26.1%, benefiting from the higher sales price, better product mix and continued cost cutting efforts. In the first quarter of 2020, the COVID-19 outbreak adversely affected our sales and operation. We have taken proactively measures to mitigate the impact. We are pleased to see the positive trend in the past few weeks.”

Dr. Li continued, “In December 2019, our new manufacturing facility at Changzhou commenced operation. The new facility covers about 75 acres and has a designed capacity of 700,000 units per annum. We are very excited about the growth perspective of our business and are committed to expand our production capacity to meet the increasing demand. In January 2020, we attended the Consumer Electronics Show in the U.S. and launched two new products, the RQi-GT, an urban performance electric motorcycle, and the TQi-GT, our first electric three-wheeler. We are very excited about the enriched product portfolio and look forward to the sustaining growth of our business.”

For earnings history and earnings-related data on Niu Technologies (NIU) click here.

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