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Kandi Technologies swings to profit in Q1

Kandi Technologies Group Inc. said its first-quarter normalized net income came to 10 cents per share, compared with a loss of 22 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.5 million, compared with a loss of $8.7 million in the prior-year period.

The normalized profit margin climbed to 10.2% from negative 21.6% in the year-earlier period.

Total revenue climbed 9.0% year over year to $43.8 million from $40.2 million, and total operating expenses fell from the prior-year period to $41.9 million from $43.0 million.

Reported net income totaled $6.0 million, or 13 cents per share, compared to a loss of $14.3 million, or a loss of 36 cents per share, in the prior-year period.