Business
Huadi International Group Co., Ltd. Announces the First six Months of Fiscal Year 2023 Financial Results
BEIJING, Sept. 6, 2023 /PRNewswire/ -- Huadi International Group Co., Ltd. ("HUDI" or the "Company") (NASDAQ: HUDI), a leading developer and manufacturer of
About this update from Huadi International Group Co., Ltd.
[{"type":"text","content":"BEIJING, Sept. 6, 2023 /PRNewswire/ -- 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 first six months of fiscal year 2023.\nFinancial Highlights for the First Six Months of Fiscal Year 2023\nFor the Six Months Ended March 31\n (in $ millions, except earnings per share; differences due to rounding)\n2023\n2022\n% Change\nSales\n$\n \n38.0\n$\n36.8\n \n3.2 %\nGross profit\n5.7\n5.9\n(3.6 %)\nGross margin\n \n15.1 %\n16.2 %\n(1.1 percentagepoints)\nOperating Income\n1.5\n0.7\n122.0 %\nNet income\n1.5\n(0.0)\n(15,991.7 %)\nNet earnings per share – Basic and Diluted\n0.10\n(0.00)\n(15,044.8 %)\n \nRevenue increased by 3.2% to $38.0 million for the six months ended March 31, 2023, from $36.8 million for the six months ended March 31, 2022.Gross profit decreased by 3.6% to $5.7 million for the six months ended March 31, 2023, from $5.9 million for the six months ended March 31, 2022.Operating income increased by 122% to $1.5 million for the six months ended March 31, 2023, from $0.7 million for the six months ended March 31, 2022Net income for the six months ended March 31, 2023, was $1.5 million compared to net loss of $9,000 for the six months ended March 31, 2022.Mr. Di Wang, Chairman of the Company, commented: \"During the first half of year 2023, we continue to enhance our cost structure, deliver high-quality services and products to maintain and expand our existing client base, resulting in the Company's sales growth of over 3% and turnaround for net income of $1.5 million in the first half of fiscal year 2023. Despite a challenging economic situation resulted by Covid-19 pandemic during the last quarter of 2022, we closed $25 million registered direct offering. Though slow recovery from the impact of Covid-19 pandemic during the first quarter of 2023, we continued to record progresses on our operations and entered into strategic partnership with China Huanqiu Contracting & Engineering Co., Ltd., leading to our recognition as a significant supplier for large-scale stainless steel seamless pipes and tubes projects. Also, we are chosen to serve as the chief executive entity of the Belt and Road Enterprise Development Association, which will a...