Greenland Technologies Earnings Down In Q1, But Beat View; Stock Up In Premarket

(RTTNews) - Greenland Technologies Holding Corporation (GTEC), a manufacturer of electric industrial vehicles technologies, Friday, reported lower earnings for the first quarter of 2023 on declined demand. However, earnings beat the Street estimates. First-quarter earnings decreased to $2.45 million or $0.11 per share from $2.91 million or $0.16 per share last year on lower demand as its clients ramped up their production following the end of China's zero COVID policies.

Analysts on average were expecting the company to report a loss of 2 cents a share on revenue of $20.55 million. Analysts' estimates typically exclude one-time items.

Revenue decreased 24% to $22.1 million from $29.3 million last year, particularly impacted by logistical and supply chain challenges due to the initial wave of covid cases following the end of China's zero covid policies.

The significant pent-up demand related to travel during the Chinese New Year holiday and a strong dollar relative to the Chinese RMB also had a bearing on the decline in revenues.

In premarket activity, shares of Greenland Technologies were trading at $1.35 up 2.27% or $0.03 on the Nasdaq.