Qudian (QD -13.4%) slid in trading after Q1 EPS missed by a cent.
Total amount of transactions in Q1 fell 8.1% to RMB15.3B (US$2.4B) from RMB16.7B a year ago.
Q1 adjusted net income declined to RMB1.02 ($0.16) per share from RMB1.60 a year ago.
Q1 results reflect new regulations late last year that affected Chinese consumer credit markets as well as the company's move to temporarily tighten its credit standards and "de-risk our book," says Quidian Chairman and CEO Min Luo.
Monro (NASDAQ:MNRO) reports comparable store sales increased 10.3% in Q4.
Comparable store sales increased ~5% for tires, 2% for both brakes and front end/shocks, and decreased ~2% for both maintenance services and alignments.
Gross margin rate improved 70 bps to 37.7%, primarily due to leverage from higher comparable store sales.
Operating margin rate expanded 270 bps to 10.7%.
“We delivered solid fourth quarter results, driven by positive top line trends and strong execution across our business, as we launched a number of foundational tools designed to support our strategy. We exit the quarter with solid industry tailwinds, improving operating performance, a disciplined acquisition strategy and newly implemented initiatives to drive improvement across the organization. We believe we have a clear path for future growth and look forward to carrying this strong momentum through fiscal year 2019 and beyond,” said Brett Ponton, President and Chief Executive Officer.
Revenue was up 68% to $13.34M while earnings jumped 137% to $4.55M.
The key driver was its Luobuma herbal medicine line which generated $5.48M in sales, up 389%. The increase was primarily due to the establishment of a new subsidiary, Xinjiang Taihe, which generated revenue of ~$5.2M.
Apollo Investment (NASDAQ:AINV) is permanently cutting its base management fee from an annual rate of 2.0% of the company's gross assets to 1.5% of gross assets up to 1.0x debt-to-equity and to 1.0% of gross assets in excess of 1.0x debt-to-equity.
Incentive fee on income will now include a total return requirement with a rolling twelve quarter lookback beginning from April 1, 2018.
Howard Widra is named CEO, succeeding James Zelter who will remain a director. Tanner Powell succeeds Widra as president.
"With the recent passage of the Small Business Credit Availability Act, we believe that we will be able to accelerate our de-risking investment strategy," Widra said.
AINV is up 0.18% in premarket trading.
Q1 NII 15 cents per share vs. 16 cents in prior quarter.
NAV $6.56 at quarter end vs. $6.60 at Dec. 31, 2017.
Net leverage 0.57x at quarter end vs. 0.62x at Dec. 31, 2017.
Excluding adjustments, second-quarter net income would have been $1.034B, or $3.14 per share.
Worldwide net sales increased 29% Y/Y to $10.72B. Segment Sales: Agriculture & Turf. +22%; Construction & Forestry +84%.
Outlook for 2018: Company equipment sales are projected to increase by about 30% compared with the same period. of 2017. Adjusted net income is forecast to be about $3.1B, compares with previous guidance of $2.1B, which included $977M of provisional income tax expense.