Business
Huadi International Group Co., Ltd. Announces Half-Year 2021 Financial Results
WENZHOU, China, Aug. 26, 2021 (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, Aug. 26, 2021 (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 interim financial results for six months ended March 31, 2021. Financial Highlights for the First-Half 2021 For Half-Year Ended March 31($ millions, except per share data)2021 2020 % ChangeRevenue $29.89 $25.56 16.94%Gross profit $5.35 $6.30 -15.08%Gross margin 17.90% 24.65% -17.65%Operating income$0.68 $3.51 -80.63%Net income (loss) attributable to Huadi International$0.64 $2.65 -75.85%Diluted earnings (loss) per share$0.06 $0.27 -77.78% Revenue increased by 16.94% to $29.89 million for the six months ended March 31, 2021 from $25.56 million for the same period in 2020, primarily due to the growth in the number of domestic clients and salesGross profit decreased by 15.08% to $5.35 million for the six months ended March 31, 2021 from $6.30 million for the same period in 2020. The decrease of gross profit was primarily due to that we lowered the price of our products sold to attract new clientsOperating income was $0.68 million for the six months ended March 31, 2021, compared to $3.51 million for the six months ended March 31, 2020Net income attributable to Huadi International during the six months ended March 31, 2021 was $0.64 million, compared to $2.65 million for the same period last yearBasic and diluted earnings per share was $0.06 for the six months ended March 31, 2021, compared to $0.27 million for the same period in 2020 \"We accelerated our growth momentum during the six months ended March 31, 2021, growing our total revenue by 16.94% as compared with the same period of last year. We are firmly committed to carrying out our corporate mission, meticulous execution of growth strategies, methodical expansion in both overseas and domestic markets, proactive engagement of Huadi clients through innovative products, and prudent investment in sales and marketing initiatives. Going forward, we plan to refine our competitive edge, deepen our expertise in stainless steel seamless pipes and tubes products, and expand our brand influence among our clients on a global basis,” commented Mr. Di Wang, Chairman of Huadi International Group Co., Ltd. Financial Results for the Six Mo...