Autohome (ATHM) Reports In-Line Q1 EPS, Revenues Miss; Offers 2Q Revenue Guidance Below Consensus

Autohome (NYSE: ATHM) reported Q1 EPS of $0.76, in-line with the analyst estimate of $0.76. Revenue for the quarter came in at $218.4 million versus the consensus estimate of $220.07 million.

First Quarter 2020 Highlights[1]

• Net Revenues in the first quarter of 2020 were RMB1,546.6 million ($218.4 million), in line with the Company's guidance.
• Online Marketplace and Others Revenues in the first quarter of 2020 were RMB309.9 million ($43.8 million), which contributed to 20% of total revenues, compared to 15% in the corresponding period of 2019. Data Products in the online marketplace and other business achieved revenue growth of over 80% year-over-year in the first quarter of 2020.

Mr. Min Lu, Chairman of the Board of Directors and Chief Executive Officer of Autohome, stated, "We kicked off 2020 with a solid first quarter, reporting revenue of RMB1.55 billion. During the quarter, we witnessed an increasing demand for online marketing services as automakers and dealers shifted their focus from offline to online channels. To capitalize on this trend, we introduced a suite of data products and tools that enhance the efficiency and effectiveness of online marketing programs for our customers. In addition, we launched the spring virtual auto show, providing access to the event to a much broader consumer audience as well as automobile enthusiasts. These efforts and initiatives result in an increase in the customer base for our data products. With 2020 well underway, I am confident in our ability to maintain our undisputed market leadership given our well-defined long-term strategic plan and sharp focus on delivering value to both our customers and the auto industry."

Mr. Jun Zou, Chief Financial Officer of Autohome, added, "In the first quarter, we maintained our sound profit profile with a non-GAAP net margin of 41.8%, despite the unfavorable macroeconomic conditions brought on mainly by the COVID-19 pandemic. Our solid financial performance once again demonstrated the resilience of our core business as well as the strength of our new initiatives and disciplined approach to managing costs. As we fulfill our commitment to maximizing shareholder value, we were pleased to pay our first regular annual dividend to shareholders in April 2020 as scheduled. Going forward, we will continue to expand our footprint in auto-related sectors while enhancing operating efficiency across each of our business lines, all with the ultimate goal of generating sustained long-term value for our shareholders."

GUIDANCE:

Autohome sees Q2 2020 revenue of $313.5-327.6 million, versus the consensus of $327.8 million.

Autohome currently expects to generate net revenues in the range of RMB2,220.0 million ($313.5 million) to RMB2,320.0 million ($327.6 million) in the second quarter of fiscal year 2020. This forecast reflects the Company's current and preliminary view on the market and its operating conditions, which are subject to change, particularly as a result of uncertainties surrounding the ongoing COVID-19 pandemic.

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

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