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Greenland Technologies Holding Corp (NASDAQ:GTEC) shares are trading lower by over 12% following its Q3 FY23 results.
The East Windsor, New Jersey-based company's revenue of $21.84 million missed the consensus estimate of $24.27 million.
For the first nine months of 2023, GTEC sold 112,414 sets of transmission products vs. 102,144 the prior year.
Gross profit rose 30.3% Y/Y to $6.27 million in the quarter. Gross margin was 28.7%, up from 22.1% the prior year, driven by a shift in product mix towards higher value and more sophisticated products, such as hydraulic transmission products.
Income from operations rose to $2.81 million from $2.07 million the prior year.
GTEC registered an EPS loss of $(0.07), missing the analyst consensus of EPS of $0.06.
As of September 30, 2023, Greenland had cash and cash equivalents worth around $21.54 million.
Jing Jin, Chief Financial Officer of Greenland, commented, "We achieved revenue of approximately $67.6 million for the first nine months of 2023, which represents only a single-digit decrease year over year, despite the continued adverse impact on our business of logistical and supply chain challenges. Given the challenging operating environment, we continue to focus on improving efficiencies and reducing costs wherever possible."
Price Action: GTEC shares are down 11.75% at $2.89 on the last check Monday.
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Posted In: GTEC
