Kandi Technologies Issues Guidance; Q4 EV Parts Sales Up 51.6% YoY

(RTTNews) - Kandi Technologies Group, Inc. (KNDI) announced, for the first quarter of 2016, the company expects net revenues to be in the range of $46.0 million to $48.0 million, with gross margin in the range of 13.5% to 14.5%.

For full year 2016, Kandi expects net revenues to be in the range of $270 million to $300 million. The company expects, Kandi Electric Vehicles Group Co., Ltd. or the JV company, to deliver a total of 35,000 or more EV products in the full year of 2016.

For the fourth-quarter of 2015, the company's total revenues grew 11.2% to $58.8 million, from $52.9 million for the same period of 2014. Electric Vehicle parts sales increased 51.6% to $57.5 million. Kandi Electric Vehicles Group Co., Ltd. or the JV Company, sold 12,100 EV products in the fourth quarter, a 231.0% increase compared with the same period last year.

Fourth-quarter GAAP net income was $0.8 million, or $0.02 per share, compared to $1.7 million, or $0.07 per share in the same period of 2014. Non-GAAP adjusted net income from continuing operations was $13.9 million compared to $4.0 million, prior year. Non-GAAP adjusted earnings per share was approximately $0.30 for the fourth quarter of 2015 compared to $0.09, a year ago.