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Xingyu Lighting profit misses consensus by 19.5% in Q2

Changzhou Xingyu Automotive Lighting Systems Co. Ltd. said its second-quarter normalized net income amounted to 21 fen per share, compared with the S&P Capital IQ consensus estimate of 26 fen per share.

EPS climbed 24.5% year over year from 17 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 50.2 million yuan, an increase of 24.5% from 40.3 million yuan in the year-earlier period.

The normalized profit margin fell to 8.9% from 8.9% in the year-earlier period.

Total revenue climbed 30.1% year over year to 585.8 million yuan from 450.3 million yuan, and total operating expenses rose 29.5% on an annual basis to 517.6 million yuan from 399.6 million yuan.

Reported net income rose 28.8% year over year to 75.8 million yuan, or 32 fen per share, from 58.8 million yuan, or 25 fen per share.

As of July 27, US$1 was equivalent to 6.21 yuan.