Kandi Technologies Q2 Profit Plunges - Quick Facts

(RTTNews) - Chinese automotive manufacturing company Kandi Technologies Group Inc. (KNDI) reported that second-quarter net income declined to $5.43 million or $0.12 per share from $11.16 million or $0.27 in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $4.90 million or $0.10 per share, compared to $3.22 million in the year-ago quarter.

Sales for the joint venture company, Kandi Electric Vehicles Group Co., Ltd., surged 52.8 percent to $68.95 million, with net income of $1.59 million.

The JV Company sold 4,446 EV products during the quarter, an 8.1 percent increase compared to last year.

Total revenues for the quarter surged 45.5 percent to $48.0 million from $33.0 million in the same quarter last year.

Looking ahead to the third quarter, Kandi expects net revenues in a range of $49.0 million to $51.0 million with gross margin in the range of 13.5 to 14.5 percent.

The company also expects the JV Company to deliver 5,500 to 6,500 EV products in the third quarter and a total of 20,000-25,000 EV products in the full year of 2015.