Autohome (ATHM) Misses Q2 EPS by 6c, Revenues Miss; Offers 3Q Revenues Below Consensus

Autohome (NYSE: ATHM) reported Q2 EPS of $0.97, $0.06 worse than the analyst estimate of $1.03. Revenue for the quarter came in at $327.4 million versus the consensus estimate of $329.07 million.

Second Quarter 2020 Highlights[1]

• Net Revenues in the second quarter of 2020 were RMB2,313.3 million ($327.4 million), in line with the Company's guidance.
• Online Marketplace and Others Revenues in the second quarter of 2020 were RMB540.2 million ($76.5 million), which contributed to 23.4% of total revenues, compared to 17.0% in the corresponding period of 2019. Data Products in the online marketplace and other business achieved revenue growth of close to 70% year-over-year in the second quarter of 2020.
• Net Income attributable to Autohome Inc. in the second quarter of 2020 was RMB824.5 million ($116.7 million), compared to RMB801.9 million for the corresponding period of 2019.
• Adjusted Net Income attributable to Autohome Inc. (Non-GAAP)[2] in the second quarter of 2020 was RMB881.0 million ($124.7 million), compared to RMB855.4 million for the corresponding period of 2019.

Mr. Min Lu, Chairman of the Board of Directors and Chief Executive Officer of Autohome, stated, "Autohome is making steady strides in building an open and diversified automotive ecosystem with its unique product matrix and ongoing innovations. To support OEMs' digital transformation, we expanded our offerings beyond project-based services, with annual performance-based comprehensive marketing solutions now available, helping our automaker partners plan and carry out their marketing campaigns more efficiently. Our data products also continued their strong growth momentum on the back of proven effectiveness and further product optimization. Looking forward, we remain focused on expanding the breadth and depth of our offerings while providing customers with highly efficient intelligent services that provide even further value to the automotive industry."

Mr. Jun Zou, Chief Financial Officer of Autohome, added, "Our second-quarter results reflected solid progress in executing our key growth strategy. Data products together with auto-financing and transaction businesses, achieved double-digit revenue growth, contributing to strong year-over-year growth of 38% in the online marketplace and others revenues. Core businesses also registered sequential improvements, which indicate the gradual recovery of the auto market. Meanwhile, net margin for the quarter improved on a year-over-year basis as we remained committed to enhancing operating efficiency across the platform. We will continue to explore new growth opportunities while keeping a disciplined cost structure, in order to deliver positive returns for our shareholders in the long run."

GUIDANCE:

Autohome sees Q3 2020 revenue of $317.2-322.7 million, versus the consensus of $324.53 million.

For earnings history and earnings-related data on Autohome (ATHM) click here.

You May Also Be Interested In

• Orgenesis (ORGS) Issues Year End Business Update
• Wintrust Financial (WTFC) to acquire Macatawa Bank (MCBC) in all stock deal
• Laser Photonics Corp (LASE) Provides Shareholder Letter and Announces Fourth Quarter and Year-End 2023 Results