Fuwei Films (FFHL) Reports Q3 EPS of $0.61 on Revenues of $12.4M

Fuwei Films (NASDAQ: FFHL) reported Q3 EPS of $0.61. Revenue for the quarter came in at $12.4 million, versus $0 reported last year.

Third Quarter 2020 Financial Highlights

• Net sales were RMB84.3 million (US$12.4 million), compared to RMB79.6 million during the same period in 2019.
• Sales of specialty films were RMB54.4 million (US$8.0 million) or 64.6% of total revenues as compared to RMB40.6 million or 51.0% in the same period of 2019.
• Overseas sales were RMB7.8 million or US$1.1 million, or 9.2% of total revenues, compared with RMB11.6 million or 14.6% of total revenues in the third quarter of 2019.
• Gross profit was RMB36.0 million (US$5.3 million), representing a gross margin rate of 42.7%, as compared to gross profit of RMB21.6 million and a gross margin rate of 27.1% for the same period in 2019.
• Net profit attributable to the Company was RMB13.5million (US$2.0 million) compared to net profit attributable to the Company of RMB3.4 million during the same period in 2019, representing an increase in profit of RMB10.1 million.

Mr. Lei Yan, Chairman and CEO of Fuwei Films, commented, "Despite the challenging industry environment and the outbreak of the COVID-19 pandemic which has caused significant and adverse effects on the global economy, our orders remain solid and sales are relatively stable. Sales of specialty films increased continuously which accounted for 64.6% of our total revenues during the quarter. In addition, we maintained profitability for six consecutive quarters. We believe these results benefit from our commitment to innovation and differentiated marketing strategy which have expanded the end-user applications of our films products. We will continue with these efforts and expect that they will enable the Company to capitalize on new opportunities despite challenging industry and economic conditions."

For earnings history and earnings-related data on Fuwei Films (FFHL) click here.

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