Greenland Technologies reports Q2 EPS 18c vs. 13c last year

Reports Q2 revenue $23.6M vs. $20.6M last year. Transmissions products sold were 38,256 units, an increase of 32% from 28,939 units a year ago. “We are pleased to deliver strong second quarter results as our core markets in China have largely returned to a new-normal following years of COVID disruptions”, said Mr. Raymond Wang, CEO of Greenland Technologies. “Demand for our transmission products increased significantly from the second quarter of last year and drove revenue growth of 14%. On a constant currency basis, our revenue growth was even stronger at 19% year-over-year, after excluding the impact of FX. Further, our strategic focus on higher value products continued to pay off and drove our gross margin to improve nearly 600 basis points to 29.4%, which is a record high for us over the last few years. Looking into the second half of the year, we expect demand to remain strong and we continue to anticipate revenue growth for our core transmission business in 2023.” Jing Jin, CFO of Greenland, commented: “Improved demand and product mix in the second quarter drove strong financial results across almost every metric. Notably, our net income to grew 24% year-over-year and we ended the quarter with $15.2 million of cash, up nearly 400% from a year ago. These impressive results demonstrate our leading position in the industry and the effectiveness of our business strategies. Going forward, we will continue to leverage our core strengths and execute growth strategies to bolster our core transmission business while also expanding our HEVI division.”