Business
Jerash Holdings Reports Record Revenue and Earnings for Fiscal 2022 Second Quarter; Increases Revenue Guidance for Full Fiscal Year
FAIRFIELD, NJ / ACCESSWIRE / November 10, 2021 / Jerash Holdings (US), Inc. ("Jerash") (NASDAQ:JRSH), which manufactures and exports custom, ready-made,
About this update from Jerash Holdings (us), Inc.
[{"type":"text","content":"FAIRFIELD, NJ / ACCESSWIRE / November 10, 2021 / Jerash Holdings (US), Inc. (\"Jerash\") (NASDAQ:JRSH), which manufactures and exports custom, ready-made, sportswear and outerwear for leading global brands, today announced financial results for its fiscal 2022 second quarter, ended September 30, 2021.Financial Highlights - Fiscal 2022 Second Quarter Versus Fiscal 2021 Second QuarterRevenue of $45.7 million, an increase of 68.8 percent, reflecting higher shipmentsGross profit of $10.1 million, an increase of 71.8 percent, due to higher revenue and gross marginGross margin of 22.1 percent versus 21.7 percent, reflecting improved product mix and higher sales volumesComprehensive income attributable to Jerash's common stockholders of $4.4 million, or $0.39 per share, vs. $2.6 million, or $0.23 per shareFiscal 2022 GuidanceFiscal 2022 revenue expected to be in the range of $125 million to $130 million versus $90.2 million in fiscal 2021Revenue in fiscal 2022 expected to be at record levelsFiscal 2022 third quarter revenue expected to be in the range of $31 million to $33 millionSam Choi, chairman and chief executive officer, said, \"Our fiscal 2022 second quarter results demonstrated continued strong progress, with robust performance in revenue and margin. Revenue and gross profit were at record levels for the second quarter, reflecting an increase in shipments to our largest customers as a result of strong demand and expanded capacity, as well as an improved mix of products sold.\"We continue to advance our plans to increase capacity and secure additional space to meet our customers' needs,\" Choi said. \"We anticipate the momentum to continue into fiscal 2023. All of our existing factories in Jordan are fully booked through May 2022, with orders from existing top global brand-name customers. As a result, we have increased our fiscal 2022 revenue outlook to reflect the robust momentum and expanded capacity.\"Fiscal 2022 Second Quarter ResultsFiscal 2022 second quarter revenue rose 68.8 percent to a record $45.7 million from $27.1 million in the same period last year, primarily due to higher shipments to the company's largest customers as a result of stronger demand and expanded capacity.Gross profit increased to $10.1 million in the fiscal 2022 second quarter, from $5.9 million in the same period last year, primarily due to higher r...