Business
Huadi International Group Co., Ltd. Announces Fiscal Year 2021 Financial Results
WENZHOU, China, Feb. 02, 2022 (GLOBE NEWSWIRE) -- Huadi International Group Co., Ltd. (“HUDI” or the “Company”) (NASDAQ: HUDI), a leading developer and
About this update from Huadi International Group Co., Ltd.
[{"type":"text","content":"WENZHOU, China, Feb. 02, 2022 (GLOBE NEWSWIRE) -- Huadi International Group Co., Ltd. (“HUDI” or the “Company”) (NASDAQ: HUDI), a leading developer and manufacturer of industrial stainless steel seamless pipes and tubes products in China, today announced its audited financial results for the fiscal year ended September 30, 2021. Financial Highlights for the Fiscal Year 2021 For the fiscal year ended September 30,($ millions, except per share data)2021 2020 % ChangeRevenue$70.25 $59.14 18.79%Gross profit$11.32 $10.66 6.15%Gross margin16.11% 18.03% (1.92) percentage pointsOperating income$2.58 $4.61 (44.02)%Operating income margin3.67% 7.79% (4.12) percentage pointsNet income attributable to Huadi International$2.53 $3.32 (23.8)%Diluted earnings per share$0.21 $0.34 (38.24)% Revenue increased by 18.79% to $70.25 million primarily due to: 1) the increased market demand of construction materials and shortage of supply on the current market; 2) the growth in the number of domestic and international clients and sales.Gross profit increased by 6.15% to $11.32 million. The increase of gross profit was consistent with the increase of revenues for fiscal 2021 as compared to fiscal 2020. Gross margin was 16.11%, compared to 18.03% for the prior fiscal year. The decrease of gross profit margin was mainly due to increased raw material cost caused by the supply shortage of steel materials and increased international fright expenses.Operating income was $2.58 million, compared to $4.61 million for the prior fiscal year. Operating margin was 3.67%, compared to 7.79% for the prior fiscal year.Net income attributable to Huadi International was $2.53 million, or net earnings of $0.21 per share. This compared to net income attributable to Huadi International of $3.32 million, or $0.34 per share, for the prior fiscal year. “We are pleased with our business performance for the fiscal year 2021, generated $70.25 million revenue and $11.32 million gross profit for the fiscal year 2021, increased 18.79% and 6.15%, respectively, compared to the last fiscal year, our domestic and international sales increased by 12.40% and 44.2%, respectively. The significant growth shows our great efforts to sustainably develop our business operation, and the market recognizing the quality of our products and the brand awareness of Huadi. Looking ahead to the fiscal year...