Full Truck Alliance Reports Higher Q1 Profit, Beats View

(RTTNews) - Full Truck Alliance Co. Ltd. (YMM), a digital freight platform, Tuesday reported net income of RMB586.4 million or $81.2 million for the first quarter, an increase of 42.5 percent from RMB411.4 million in the same period a year ago, mainly helped by growth in revenue.

Net income per ADS increased to RMB0.56 or $0.08 from RMB0.38 last year.

Excluding one-time items, earnings for the quarter increased 46.9 percent to RMB756.4 million or $104.8 million from RMB514.8 million a year ago.

Adjusted earnings per ADS rose to RMB0.72 or $0.10 from RMB0.48 last year.

On average 4 analysts polled by Thomson-Reuters expected earnings of $0.07 per share on revenue of $313.19 million for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were RMB2.269 billion or $314.2 million, an increase of 33.3 percent from RMB1.702 billion in the previous year, primarily attributable to increase in revenues from freight matching services. The consensus estimate was for 313.19 million.

Looking ahead, the company expects second-quarter revenues to be between RMB2.65 billion and RMB2.72 billion, a year-over-year growth of approximately 28.3 percent to 31.7 percent.