BYD Company sees up to 10x growth in profits as deliveries rise: Q3 Estimate
Oct. 17, 2022 9:31 AM ETBYD Company Limited (BYDDF), BYDDYBy: SA News Team9 Comments
- BYD Company (OTCPK:BYDDF) is expecting a RMB 5.5 billion to RMB 5.9 billion (~$764 million) profit for the third-quarter, as per the Hong Kong Stock Exchange announcement released on Monday.
- The estimate marks the growth of up to 365% compared to a year-ago quarter. On adjusted basis, profit expectation is set to RMB 5.07 billion - RMB 5.77 billion, notching up to 1014% increase from RMB 518 million in Q3 2021.
- Warren Buffett-backed China's electric car maker said it expects earnings per share between RMB 1.89 to RMB 2.03 for third-quarter 2022 as significant growth in vehicle sales has eased the pressure on earnings from rising upstream raw material prices.
- As disclosed already, BYD Co. had delivered 538,704 new energy vehicles ((NEVs)) in the third quarter, up 194.37% year-on-year and 51.74% sequentially from the second quarter.
- "In the cell phone components and assembly business, BYD Group benefited from improved profitability thanks to improved cost control capabilities and product mix adjustments, despite still weak demand from the consumer electronics industry," the company said.
- Also Read: "China's September wholesale sales of passenger NEVs at record 675K units, up 94.9% Y/Y"