Q2 & Half year end result: Highpower International Inc (NASDAQ: HPJ)

By | October 24, 2019

On Friday, Highpower International Inc (NASDAQ: HPJ) closed with moved down of -0.21% to $4.75. Recent traded volume was 95.1K shares versus to it an average volume of 63.69K shares. The company holds 15.73M shares outstanding and market cap of $74.72M. The stock day range was recorded between a low of $4.73 and a high $4.75.

Highpower International, Inc.’s (HPJ) stock price showed strong performance of 0.42% in last seven days, switched up 1.06% in last thirty days and it rose 86.27% in last one year. It has 15.73 million of outstanding shares and its shares float measured at 9.74.

Highpower International Inc (NASDAQ: HPJ) recently reported its financial results for the second quarter and half year ended June 30, 2019.

Net sales for the second quarter of 2019 increased 16.8% to $75.8M from $64.9M in the previous year period. The increase was driven by sales of the Company’s lithium business, which grew 28.4%, or $13.8M, during the quarter. Sales in the Ni-MH business reduced 17.5%, or $2.9M, year over year.

Net sales increased 16.7% to $133.9M in the first half of 2019 contrast to $114.7M in the first half of 2018. The increase in net sales was mainly Because of the optimization of the Company’s sales structure.

Gross profit for the second quarter of 2019 increased 62.4% to $18.4M from $11.3M in the previous year period due. Gross margin for the second quarter of 2019 was 24.2% contrast to 17.4% in the previous year period.

Gross profit for the first half of 2019 increased 64.4% to $31.0M from $18.9M in the previous year period. Gross margin was 23.2% and 16.5% for first half of 2019 and 2018, respectively.

Operating Expenses

  • Research and development (R&D) expenses for the second quarter of 2019 were $4.4M contrast to $3.6M in the previous year period. As a percentage of net sales, R&D expenses increased to 5.8% from 5.5% in the previous year period Because of the Company’s continued investments in R&D.

Research and development expenses were $7.4M, or 5.5% of net sales, for the first half of 2019 contrast to $6.2M, or 5.4% of net sales, for the first half of 2018.

  • Selling and distribution expenses for the second quarter of 2019 were $3.3M contrast to $2.1M in the previous year period. As a percentage of net sales, selling and distribution expenses increased to 4.3% from 3.3% in the previous year period.

Selling and distribution expenses were $6.1M, or 4.5% of net sales, for the first half of 2019 contrast to $4.1M, or 3.6% of net sales, for the first half of 2018. The increase in expenses was mainly driven by marketing expenses to acquire more branded consumers.

  • General and administrative expenses for the second quarter of 2019 were $5.0M contrast to $3.9M in the previous year period. As a percentage of net sales, general and administrative expenses increased to 6.6% from 6.0% in the previous year period.

General and administrative expenses were $9.9M, or 7.4% of net sales, for the first half of 2019 contrast to $8.0M, or 7.0% of net sales, for the first half of 2018. The increase was Because of increases in payroll and amortization of share-based compensation.

Net income attributable to the Company for the second quarter of 2019 was $4.7M contrast to $2.7M in the previous period. Net income attributable to the Company per diluted share for the second quarter of 2019 was $0.30 contrast to $0.17 in the previous year period.

Net income attributable to the Company for the first half of 2019 increased to $5.0M from $1.6M in the previous year period. Net income attributable to the Company per diluted share for the first half of 2019 increased to $0.32 from $0.10 in the previous year period.

EBITDA for the second quarter of 2019 increased 48.1% to $7.4M from $5.0M in the previous year period. EBITDA for the first half of 2019 increased 82.7% to $10.1M from $5.6M in the previous year period.

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