Business
Huadi International Group Co., Ltd. Announces Fiscal Year 2022 Financial Results
BEIJING, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Huadi International Group Co., Ltd. (“HUDI” or the “Company”) (NASDAQ: HUDI), a leading developer and manufacturer
About this update from Huadi International Group Co., Ltd.
[{"type":"text","content":"BEIJING, Feb. 15, 2023 (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 financial results for the fiscal year ended September 30, 2022. Financial Highlights for the Fiscal Year 2022 For the Fiscal Years Ended September 30 (in $ millions, except earnings per share; differences due to rounding) 2022 2021 % ChangeSales $76.4 $70.3 8.7%Gross profit 11.1 11.3 1.6%Gross margin 14.9% 16.1% (1.2 percentage points)Net income 1.9 2.6 (23.8%)Net earnings per share – Basic and Diluted 0.15 0.21 (28.6%) Revenue increased by 8.7% to $76.4 million For the year ended September 30, 2022 from $70.3 million for the year ended September 30, 2021.Gross profit decreased by 1.6% to$11.1 million for the year ended September 30, 2022, from $11.3 million for the year ended September 30, 2021.Net income for the fiscal year ended September 30, 2022 was $1.9 million compared to net income of $2.6 million for the fiscal year ended September 30, 2021, Mr. Di Wang, Chairman of the Company commented: “The Company continues to focus its strategy on providing high-quality services and products to maintain and expand HUDI’s existing and prospective client base, which is shown by the Company’s nearly 9% sales growth during the fiscal year ended September 30, 2022. Despite a challenging year amid supply chain disruptions and rising material costs, the Company is pleased to deliver resilient performance during the past fiscal year and is prepared to keep implementing current strategic plan to seek sustainable growth in the coming year.” Financial Results for the Fiscal year 2022 Sales For the year ended September 30, 2022, revenues increased by approximately $6.1 million or 8.7%, to approximately $76.4 million from approximately $70.3 million for the year ended September 30, 2021. The increase in revenues was primarily driven by the following factors: During the fiscal year 2022, the Company observed an increase of raw materials price, especially the price of nickel which is an important component of stainless steel. To minimize the impact the rise of raw material price, we increased our weighted average selling price (“ASP”) during the fiscal year 2022.As a result of domestic shortage of c...