UPDATE: Noah Holdings (NOAH) Reports Q1 EPS of $0.58 on Revenues of $105.4M

Noah Holdings (NYSE: NOAH) reported Q1 EPS of $0.58. Revenue for the quarter came in at $105.4 million.

Non-GAAP Net Income Attributable to Noah Shareholders

• Non-GAAP net income attributable to Noah shareholders for the first quarter of 2020 was RMB255.9 million (US$36.1 million), a 16.0% decrease from the corresponding period in 2019, but a 119.6% increase from the fourth quarter of 2019.
• Non-GAAP net margin attributable to Noah shareholders for the first quarter of 2020 was 34.3%, up from 34.2% for the corresponding period in 2019.
• Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2020 was RMB4.13 (US$0.58), down from RMB4.90 for the corresponding period in 2019.

Ms. Jingbo Wang, co-founder and CEO of Noah, said, "In the first quarter of 2020, our transformation to distributing more standardized products showed initial success. Driven by the continuous and strong momentum of public securities products that we offer, our transaction volume grew 76.1% from the fourth quarter of 2019. It is worth noting that standardized products accounted for 82.4% of the total volume, whereas credit products were 78.8% of the total volume in the same period last year. I want to attribute this success to our clients who continue to stand by us and our employees who have been showing great resilience during this difficult time facing an unprecedented global epidemic. As encouraged as we are by the strong start of the year, we remain cautious about the fact that some of Noah's overseas businesses have been affected by the COVID-19 outbreak and the travel restrictions caused by it. We have been actively preparing for the upcoming quarters of this year while increasing the investment and development of our IT infrastructure to further improve our online service experience and product offering. "

2020 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2020 will be in the range of RMB800 million to RMB900 million. This estimate reflects management's current business outlook and is subject to change.

For earnings history and earnings-related data on Noah Holdings (NOAH) click here.

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