China New Borun Corp. (BORN) Reports Q2 EPS of $0.13

China New Borun Corp. (NYSE: BORN) reported Q2 EPS of $0.13. Revenue for the quarter came in at $108.7 million. It sees Q3 revenue of $84.5 million to $87.8 million.

Mr. Jinmiao Wang, Chairman and Chief Executive Officer of Borun, commented on the results, "Although demand and average selling price for edible alcohol were solid in the first half of the second quarter, the market encountered an unexpected sharp drop nation-wide in demand and average selling price this June. As a result, even though we recorded revenue growth at the high end of our second quarter guidance on better-than-expected volume shipment, our gross profits contracted year-over-year."

"Despite the challenging month of June, we continued to make progress in ramping up our chlorinated polyethylene ("CPE") and foam insulation businesses. During the quarter, we successfully scaled our CPE plant to full production capacity and grew total revenue from CPE and foam insulation by 47% sequentially to RMB23.4 million. It is worth noting that the new business has surpassed its gross breakeven point during the second quarter, and therefore we anticipate incremental positive contributions to profitability from the new business in the months ahead," Mr. Wang concluded.

For earnings history and earnings-related data on China New Borun Corp. (BORN) click here.

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