Yongye International, Inc. (YONG) Reports Q1 EPS of $0.38, Revs Rise 237%

Yongye International, Inc. (NASDAQ: YONG) reported Q1 EPS of $0.38, versus ($0.01) reported last year. Revenue for the quarter came rose 237% to $152.3 million, versus $45.3 million reported last year.

Mr. Zishen Wu, Chairman and Chief Executive Officer of Yongye International, stated, "The first quarter was highlighted by the introduction of our new water soluble humic acid product, which improves the soil structure and the ability of fertilizer and water retention and enhances crop resistance against drought, freezing, diseases, and stalk leaning. Based on how this product is used, the first quarter represents peak season for the water soluble humic acid product. Accordingly, the initial demand for the product was quite strong as first quarter sales were $79.5 million, or 52.2% of total sales. While we would not expect this level of sales for the remainder of the year due to seasonality, this new water soluble humic acid product is a complementary addition to our product portfolio, despite the product carrying lower margins than our other products. Another factor of the year over year growth in the first quarter of this year is that we had a low-performing first quarter in 2013, with significant decreases in revenue and shipments compared to the first quarter of 2012."

Mr. Wu continued, "While China's macroeconomic growth prospects remain unstable, we will continue to mitigate market risk with strong execution. We are reiterating our previously provided 2014 guidance of total shipments in the range of $800 million to $850 million and the expansion of our branded retailer network to 36,500 by year-end."

For earnings history and earnings-related data on Yongye International, Inc. (YONG) click here.

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