China Green Agriculture Reports Second Fiscal Quarter 2018’s Financial Results, Meets Revenue Guidance, Beats Income Guidan...
February 14 2018 - 06:30AM
China Green Agriculture, Inc. (NYSE:CGA) ("China Green Agriculture"
or the "Company"), a company which mainly produces and distributes
humic acid-based compound fertilizers, varieties of compound
fertilizers and agricultural products through its subsidiaries and
variable interest entities in China, today announced its financial
results for the second quarter of Fiscal Year 2018, confirmed
revenue guidance, and raised income guidance for full Fiscal Year
2018.
Summary
Second Fiscal Quarter 2018 Results (USD)
(Three Months ended December 31, 2017)
Highlights:
- Revenue meets guidance.
- Net income beats guidance.
- Net sales of 63.4 million, meets guidance of $58 million to $65
million.
- Gross Profit of 18.5 million.
- Net Income of 7.8 million, exceeds guidance of $4.7 million to
$6 million by 30%.
- EPS (Diluted) of $0.20 based on 38.5 million fully diluted
shares.
(Six Months ended December 31, 2017)
- Net sales of 126.7 million.
- Net Income of 12.9 million.
- EPS (Diluted) of $0.34 based on 38.5 million fully diluted
shares.
Guidance
- 3rd Fiscal Quarter 2018: management expects Revenue of $68
million to $78 million; Net Income of $6 million to $8 million; EPS
of $0.15 to $0.20 based on 38.5 million fully diluted
shares.
- Fiscal Year 2018: management confirms to expect Revenue of $263
million to $301 million; raises to expect Net Income of $23 million
to $32 million; EPS of $0.60 to $0.83 based on 38.5 million fully
diluted shares.
"We had finished another solid quarter. Our results continue to
validate the strength of our market positions," said Mr. Zhuoyu Li,
the Chairman and CEO of the Company. "With strong engagement in
both manufacturing and wholesale business, our company’s
fundamentals continue to improve. The development of the wholesale
segment demonstrates our commitment to investing in growth segments
throughout our business and is key to the future of our
company."
Conference Call
The Company will hold a conference call at 7:00
a.m. EST on Wednesday, February 14, 2018. Any interested
participants are welcome to join in the call by following the
dial-in details as set out below.
|
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US Dial In (toll
free): |
1-866-682-6100 |
Int'l Dial In: |
1-404-267-0373 |
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A playback will be available through February
21, 2018. To listen, please call 1- 888-640-7743 within the United
States or 1-754-333-7735 when calling internationally. Replay
Access Code# 142381.
Safe Harbor Statement
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 concerning the Company's business, products and
financial results. The Company's actual results may differ
materially from those anticipated in the forward-looking statements
depending on a number of risk factors including, but not limited
to, the following: general economic, business and environment
conditions, development, shipment, market acceptance, additional
competition from existing and new competitors, changes in
technology, the execution of its ten-year growth plan, the foreign
exchange risk amid the unexpected announcements by the PRC
government and various other factors beyond the Company's control.
All forward-looking statements are expressly qualified in their
entirety by this Safe Harbor Statement and the risk factors
detailed in the Company's reports filed with the SEC. China Green
Agriculture undertakes no duty to revise or update any
forward-looking statements to reflect events or circumstances after
the date of this release, except as required by applicable law or
regulations.
For more information, please contact:
China Green Agriculture, Inc.Tel: +86-29-88266383Email:
info@cgagri.com
SOURCE: China Green Agriculture, Inc.
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