Kandi Technologies Stock Jumps On Solid Q2 Aided By Strength In EV Scooters

  • Kandi Technologies Group Inc KNDI reported second-quarter FY21 revenue growth of 54.1% year-on-year, to $29.88 million, beating the analyst consensus of $20.80 million.
  • EV parts sales fell 46.4% Y/Y to $6.7 million, Off-road vehicles sales declined 16.7% to $5.5 million, while Electric Scooters, Electric Self-Balancing Scooters, and associated parts surged to $16.5 million.
  • Gross profit rose 74.2% Y/Y to $6.1 million with a profit margin expanding 220 basis points to 20.4%.
  • Operating income for the quarter rose 373.3% to $38.3 million.
  • The company held $148.2 million in cash and equivalents as of June 30, 2021.
  • EPS was $0.54 versus $0.08 the prior year.
  • Kandi intends to sell the K32 premium UTV, which features pure electric four-wheel-drive propulsion and a fully enclosed cockpit with air conditioning, in the U.S. by year-end.
  • Price action: KNDI shares are trading higher by 10.9% at $5.40 on the last check Monday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsLong IdeasNewsSmall CapMoversTrading IdeasBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!