China Yuchai Int'l (CYD) Misses Q1 EPS by 7c, Revenues Beat

China Yuchai Int'l (NYSE: CYD) reported Q1 EPS of $0.21, $0.07 worse than the analyst estimate of $0.28. Revenue for the quarter came in at $481.2 million versus the consensus estimate of $463.31 million.

Financial Highlights for the First Quarter of 2020

• Revenue decreased by 18.1% to RMB 3.4 billion (US$ 481.2 million) compared with RMB 4.2 billion in the first quarter of 2019;
• Gross profit decreased by 30.4% to RMB 529.9 million (US$ 74.8 million), with gross margin of 15.5%, compared with RMB 761.3 million and a gross margin of 18.3% in the first quarter of 2019;
• Operating profit decreased by 53.9% to RMB 164.5 million (US$ 23.2 million), compared with RMB 357.3 million in the first quarter of 2019;
• Net earnings attributable to China Yuchai 's shareholders decreased by 69.2% to RMB 61.1 million (US$ 8.6 million) compared with RMB 198.0 million in the first quarter of 2019;
• Basic and diluted earnings per share were RMB 1.49 (US$ 0.21), compared with RMB 4.85 for the first quarter of 2019;
• The total number of engines sold decreased by 33.0% to 67,904 units compared with 101,300 units in the first quarter of 2019.

Mr. Weng Ming Hoh, President of China Yuchai, commented, "We have been dealing with unprecedented challenges during the first quarter of 2020. The COVID-19 pandemic has created major disruptions in the automotive industries in China, affecting customers, suppliers, workers, the service network and other occupations. But we believe that, barring any unforeseen circumstances, the business environment will improve over the remainder of the 2020 year."

"Our operational and financial results reflected the impact as the Chinese government mandated a nationwide lockdown to limit the spread of the COVID-19 outbreak, which led to a massive disruption to the movement of products and people. We are now seeing those restrictions being lifted in nearly all provinces and cities. As for GYMCL, we have returned to normal operations at all our facilities."

"We remain committed to building shareholder value and have announced a cash dividend of US$ 0.85 per ordinary share to be paid on July 31, 2020."

For earnings history and earnings-related data on China Yuchai Int'l (CYD) click here.

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