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Tag: earnings

  • Ferroglobe PLC (NASDAQ: GSM) announced results as it revealed necessary steps during Covid -19 pandemic

    Ferroglobe PLC (NASDAQ: GSM) announced results as it revealed necessary steps during Covid -19 pandemic

    Results for the third quarter of 2020 is released by Ferroglobe PLC (NASDAQ: GSM), a leading global manufacturer of silicon metals, silicon-based and manganese-based specialty alloys.

    During the Third quarter of 2020, cash produced from operations was $23.0 million, including $33 million with respect to CO2 pollution rights sales.

    Working capital rose by 33 million dollars, from 321 million dollars as of 30 June 2020 to 354 million dollars as of 30 September 2020. This rise is driven primarily by the decline in the accounts payable and the reinforcement of the euro against the US dollar.

    As of September 30, 2020, total debt was $442 million, down from $451 million as of June 30, 2020, largely as a result of senior unsecured notes coupon payment and partial ABL paydown, counterbalanced by COVID-19 financing sponsored in France and Canada by local governments.

    The COVID-19 pandemic did expand to multiple territories in which the corporation works. The Organization has tracked the changing situation and the subsequent evolving danger. Among other initiatives, a coronavirus disaster response committee has been implemented by the Corporation, which has met periodically to ensure that the Company and its subsidiaries take adequate precautions to protect its staff and ensure business continuity.

    Total commodity average retail prices declined by 0.1 percent during Q3 2020 relative to the second quarter of 2020. Average silicon metal sale prices for the Third quarter rose 1.5 percent, prices for silicon-based alloys decreased 0.2 percent, and prices for manganese-based alloys decreased 7.2 percent.

    Third-quarter sales volumes fell by 3.5 percent relative to the previous year. Silicon metal market volumes in the third quarter grew 7.0 percent, silicon-based alloys increased 7.5 percent, and alloys based on manganese declined 2.4 percent relative to the second quarter of 2020.

    Adjusted EBITDA amounted to $22.2 million in the third quarter of 2020, or 8.5 percent of revenue, relative to adjusted EBITDA of $22.4 million in the second quarter of 2020, or 9.0 percent of sales, largely due to price stability and higher expenses incurred in the third quarter of 2020.

  • Nova LifeStyle, Inc. (NASDAQ: NVFY) posted earnings results with Net Revenue plunged

    Nova LifeStyle, Inc. (NASDAQ: NVFY) posted earnings results with Net Revenue plunged

    Nova LifeStyle, Inc. (NASDAQ: NVFY) officially reported its third quarter fiscal results ending on 30 September 2020.

    Net revenues were $3.3 million for the quarter ending September 30, 2020, compared to $7.7 million year over year.

    Sales expenses were $9.9 million for period ending September 30, 2020, compared to $6.1 million for the same duration year before.

    Sales losses include a write-down of our slow-moving product, mostly Jade mats in Malaysia, of $7.77 million to the lower cost and net realisable value in the third quarter of 2020.

    Operating expenses were $8.2 million for the three months ending September 30, 2020, compared to $272 thousand in the same quarter in 2019.

    Net revenues were $7.8 million for the nine-month period ending September 30, 2020, compared with $19.5 million in the same fiscal quarter in 2019.

    Sales expenses were $12.8 million for the nine-month period ending September 30, 2020, opposed to $15.3 million in the same period in 2019.

    Sales losses include a write-down of our slow-moving product, mostly Jade mats in Malaysia, of $7.77 million to the lower cost and net realisable value in the third quarter of 2020.

    Operating expenses were $9.6 million for the nine months ending September 30, 2020, compared to $1.4 million in the same timeframe in 2019.

    In August, the Malaysian government upheld the closure order until 31 December 2020 for all businesses. As a consequence of the COVID-19 pandemic, the Company continues to witness decreased demand for its goods and an increased number of sales order cancellations.

    With the advent of the pandemic, goods imported from Asia have faced major delays as well as a surge in freight prices. In the future, we could face shipping delays.

    Ultimately, the Corporation believes that the effect on the United States and world economies of the COVID-19 epidemic will continue to have a significant adverse impact on demand for its goods.

  • Haynes International, Inc. (HAYN), net sales dropped amid covid-19 woes

    Haynes International, Inc. (HAYN), net sales dropped amid covid-19 woes

    Haynes International, Inc. (HAYN), a leading technologically advanced high-performance alloy developer, manufacturer, and marketer, announced financial results for the fourth quarter ended 30 September 2020.

    In the fourth quarter of fiscal 2020, net sales were $79.9 million, a drop of 38.3 percent from $129.6 million in the same period of fiscal 2019. In the fourth quarter of fiscal 2020, production was 2.9 million pounds, a reduction of 45.7 percent from 5.4 million pounds in the same fiscal 2019 period.

    In addition to the effects caused by the grounding of the Boeing 737 MAX, the decline in volume is largely attributed to a large slowdown in demand caused by the COVID-19 pandemic.

    Furthermore, cash protection practices for several clients have resulted in rather cautious patterns in order entry. In the fourth quarter of fiscal 2020, the average product sale price was $25.03 per pound, an improvement of 10.5 percent from $22.66 per pound in the same timeframe of fiscal 2019.

    A higher demand commodity mix and previous price changes, as well as other pricing considerations, primarily reflect the growth in the global retail price per pound, which raised the average selling price per pound by around $2.99. These rises were largely offset by lower raw materials supply rates, which reduced the retail sale price per pound by about $0.62 on average.

    In the fourth quarter of fiscal 2020, sales expenses were $76.0 million, or 95.1 percent of net revenues, compared to $108.3 million, or 83.6 percent of net revenues, in the same fiscal 2019 period. The drop in the dollar was largely due to reduced volumes, combined with the company’s steps taken in reaction to COVID-19 to lower prices, which included voluntary and forced layoffs and increases in salaried and hourly labor.

    Despite these cost control steps, however, fixed costs did not reduce in line with the existing output rates, which involved the additional spending of a portion of those fixed costs of approximately $4.0 million.

    As a consequence of the aforementioned causes, for the fourth quarter of fiscal 2020, gross profit was $4.0 million, a decline of $17.4 million from the same duration of fiscal 2019. In the fourth quarter of fiscal 2020, gross profit as a percentage of net sales declined to 4.9 percent as opposed to 16.4 percent in the same period of fiscal 2019.

  • ESCO Technologies Inc. (NYSE: ESE) revealed its fourth-quarter and full-year results

    ESCO Technologies Inc. (NYSE: ESE) revealed its fourth-quarter and full-year results

    The financial results for the Q4 2020 ending on September 30, 2020, have been announced by ESCO Technologies Inc. (NYSE: ESE).

    GAAP EPS fell to $0.81 (net loss of $21 million) per share in the fourth quarter of 2020, which contained the quarterly effect of the 2020 discreet items. Except for the influence of the 2020 Discrete Items on net profits, Adjusted EPS was $0.90 per share in the fourth quarter.

    Meanwhile, GAAP EPS was $0.95 per share in the fourth quarter of 2019 (GAAP net income of $25 million) which contained $0.07 per share from discontinued activities and other non-operating products reported in previous reports. Adjusted EPS was $1.02 per share in the fourth quarter of 2019, minus discontinued activities and other non-operating products.

    Adjusted EBITDA amounted to $42 million during the fourth quarter of 2020, relative to adjusted EBITDA of $48 million during the same period in 2019.

    GAAP EPS was $3.90 per share for the full year 2020 (GAAP net earnings of $102 million) which contained the net earnings effect of the above listed 2020 Discrete Items. 2020 Adjusted EPS was $2.76 per share, excluding the net earnings effect of the 2020 Separate Products.

    GAAP EPS was $3.10 per share for the full year 2019 ($81 million in GAAP net earnings) which contained $0.15 per share from discontinued activities and other non-operating products listed in previous announcements. 2019 Adjusted EPS was $2.95 per share excluding discontinued activities and other non-operating products.

    Adjusted EBITDA for the full year 2020 was $137 million, relative to adjusted EBITDA of $141 million for 2019.

    As we continue to work through the global COVID-19 pandemic, we remain focused on the health and welfare of our personnel, consumers and vendors, while maintaining the company’s financial well-being, Vic Richey, Chairman, and Chief Executive Officer, commented.

    Our 2020 outcomes illustrate the importance of retaining flexibility in our target markets, as our long-term success would be driven by this diversity, combined with our solid balance sheet and significant liquidity, he added.

  • Bilibili Inc. (NASDAQ: BILI), revealed extraordinary progress in both user numbers and sales in quarterly results

    Bilibili Inc. (NASDAQ: BILI), revealed extraordinary progress in both user numbers and sales in quarterly results

    Bilibili Inc. (NASDAQ: BILI), China’s leading young-generation online entertainment site, today revealed its unaudited financial results for the third quarter ended 30 September 2020.

    Total net sales increased to US$475.1 million, reflecting a 74 percent rise from the same period in 2019.

    Games on phones. US$187.8 million in sales from smartphone games, reflecting a rise of 37 percent from the same timeframe of 2019. The rise was mostly attributed to the popular smartphone games that were recently released.

    Value-Added Features (VAS) (formerly referred to as VAS and Live Broadcasting). VAS sales of US$144.3 million, reflecting an increase of 116 percent from the same period of 2019, largely due to the improved monetization activities of the Company, driven by rises in the number of paid subscribers for the premium subscription scheme of the Company, live streaming services, and other value-added services.

    Advertising sales were US$82.1 million, marking a 126 percent rise from the same period in 2019. This rise was mainly attributed to the rising number of advertisers, which was motivated by further popularity of the brand name of Bilibili in the online advertising industry in China.

    Revenues from online sales and others were US$60.9 million, marking an 83 percent rise from the same period of 2019, largely due to the growth in retail revenues across the e-commerce site of the Company.

    Revenue expenses were US$362.9 million, marking a 63 percent rise relative to the same duration in 2019. The cost of revenue-sharing, a core component of revenue expenses, was US$173.7 million, reflecting a 77 percent rise from the same duration in 2019.

    Gross profit was US$112.2 million, reflecting a 117 percent rise from the same duration in 2019, largely attributed to higher net sales.

    Complete costs for operations. Total running costs amounted to US$271.7 million, marking a 138 percent raise over the same period in 2019.

  • DraftKings Inc. (NYSE: DKNG) earnings not so great, but Stock soared on upbeat Forecast

    DraftKings Inc. (NYSE: DKNG) earnings not so great, but Stock soared on upbeat Forecast

    As the online sports betting business sees more states legalizing gambling, DraftKings Inc. (NYSE: DKNG) posted mixed third fiscal quarter results on early Friday.

    The company stock which is trading way above its 200-day moving average closed 3.85% up high at 42.84 on Friday evening.

    Analysts predicted a loss of 63 cents a share on sales of $132.2 million. A net 98 cents a share was lost by DraftKings, though the adjusted loss was 57 cents. The profits hit 132.84 million dollars. That has been up by 98% compared to a year ago, or by 42% pro forma.

    Monthly unique users passed a gigantic figure of 1 million, up 64 percent compared with one year-ago period.

    Looking forward to a former range of 500 million to $540 million, the sports betting specialist currently expects full-year sales of $540 million to $560 million. This will be a 25 percent -30 percent pro forma gain. Analysts had expected sales of $530 million in 2020.

    Initial 2021 sales guidance provided by DraftKings was from $750 million to $850 million, a 45 percent raise at the midpoint. Wall Street in the meantime was anticipating $780 million.

    The company stock which is trading way above its 200-day moving average closed 3.85% up high at 42.84 on Friday evening.

    fIn an S-1 filing in October, DraftKings gave a quick glimpse at the third fiscal quarter performance. It added, atypical NFL wagering hold rates for the three months ended September 30, 2020, culminated in an expected adverse sales effect of roughly $15 million focused on the company’s historic average online sports betting hold rate of about 6.5%.

    A high number of favorites paying off for bettors also leads to a poor catch. Largely, greater bets than expected were paid out.

    Although DraftKings is best known for online sports betting, through its iGaming app, it is now making a massive step into casino games.

  • Acquisition of KMG Chemicals bolstered CMC Materials, Inc. (CCMP) annual and quarterly revenue

    CMC Materials, Inc. (Nasdaq: CCMP), a world-leading provider of consumable materials to semiconductor and pipeline manufacturers, on November 11, 2020, publicized its fourth quarter and full fiscal year 2020 results, which closed on 30 September 2020.

    The fourth quarter’s overall revenues were 1.6 percent lower than last year’s quarter as higher demand in CMPs and electronic chemicals as well as higher selling wood were offset by lower sales for pipeline and CMP pads.

    In terms of net profits for the quarter, the company’s strategic decision to leave the logging industry in the previous year contributed to $36.9 million as compared to a loss of $20.2 million in the previous year, mainly in view of the impairment burden.

    The EBITDA was revised at $84.0 million, down 1.5% from the previous year.

    Full-year revenue reported and grew 7.6 percent over the last year, mainly due to full-year revenue, growth of CMP slurries, and increased wood treatment revenues from the acquisition of KMG Chemicals, Inc. in November 2018.

    Over the year, it produced cash flow from its operations of $287.3 million, and at the end of the year, it had $257.4 million in cash on hand and $921.4 million in net debt.

    I am proud of our results, which provides us with a record year of income and competitiveness even though the pandemic of COVID-19 has thrown about unimaginable challenges and highlights our good performance and resilient businesses. We thank our people for their dedication to pushing our record performance, said David Li, CMC Materials CEO and President.

    In fiscal 2021, the company expects our semiconductor customers to be in constant demand led by advanced node changes to help emerging technologies like 5G and boost our pipeline customers’ fundamentals and demand.

    The company also reportedly started the year with the rebranding of business to CMC Materials, which will replicate its global emphasis on providing the customers with creative high-value materials.