Highpower International (HPJ) Reports Q1 Loss of $0.07 on Revenues of $49.6M

Highpower International (NASDAQ: HPJ) reported Q1 EPS of ($0.07). Revenue for the quarter came in at $49.8 million.

First Quarter 2018 Highlights (all results compared to prior year period)

• Net sales for the first quarter of 2018 increased by 18.9% to $49.8 million from $41.9 million. Excluding the impact of Ganzhou Highpower Technology Co., Ltd. (\
• "GZ Highpower\
• "), net sales increased 24.1% to $49.8 million from $40.1 million.
• Lithium business net sales increased 33.1% to $36.6 million from $27.5 million.
• Gross margin decreased to 15.2% of net sales compared to 23.7%. Excluding GZ Highpower, gross margin was 15.2% compared to 23.3%.
• Net loss attributable to the Company was $1.1 million, or loss of $0.07 per diluted share, compared to net income attributable to the Company of $2.5 million, or earnings of $0.17 per diluted share. Excluding GZ Highpower, net loss attributable to the Company was $1.1 million compared to net income attributable to the Company of $2.3 million.

Financial Outlook

For the second quarter of 2018, the Company expects net revenues to grow over 30% year over year. Factoring in the impact of expected, continued high raw material prices, gross margin is expected to be similar or slightly lower than first quarter of 2018. For the full year 2018, the Company expects net revenues to grow at least 20% compared to 2017 and gross margin levels to exceed that of the first quarter of 2018.

For earnings history and earnings-related data on Highpower International (HPJ) click here.

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