Resultados 3Q - DEER
Tal como esperava a DEER apresentou resultados fantásticos batendo em mais de 30% as previsões. Além dos resultados, todos os outros dados são fantásticos. Tanto a guidance, como margens e balanço são óptimos. Espero hoje uma reacção enérgica por parte da acção.
Deixo aqui os principais highlines, que estão de acordo com a análise inicial.
3rd Quarter Financial Highlights:
Revenues of $55.26 million, an increase of 108% from Q3/09
Net income of $9.27 million, an increase of 125% from Q3/09, fully diluted EPS (Earnings per Share) of $0.28, an increase of 56% from EPS of $0.18 in Q3/09
Strong balance sheet: $54.4 million in cash without any long term debts
Record China domestic sales – high margin China domestic sales increased 708% to 42% of revenues compared to Q3/09
Expanded gross profit margin to 28.7%, compared to 22.1% in Q3/09
Expanded operating margin to 21.0%, compared to 16.9% in Q3/09
Expanded net income margin to 16.8%, compared to 15.5% in Q3/09
Initiated planning for Deer's 2nd production facility, which is located in China's eastern AnHui Province – positioned for significant China domestic customer demand in 2011
Sees positive impact to earnings from China's currency appreciation and positive growth momentum from the current global economic environment
3rd Quarter Revenues and Net Income:
Q3/2010 revenues were $55.26 million, an increase of approximately 108% from $26.54 million in Q3/2009. Deer attributes the significant increase in organic revenues to 708% year over year quarterly growth in the high margin China domestic markets. In addition, Deer continues to experience strong organic growth from its global markets. Net income for Q3/2010 was approximately $9.27 million, an increase of approximately 125% from Q3/09. Fully diluted EPS was $0.28, compared to $0.18 in Q3/2009.
Management Comments on 3rd Quarter 2010 Financial Results:
Bill He, Deer's Chairman and CEO, commented: "Deer is pleased to report the best 3rd quarter financial results in our corporate history. During this quarter, we executed our China domestic market expansion strategies successfully, which resulted in higher revenue growth as well as higher profit margins. Deer believes that our integrated 'production to market' model and our in-depth local cultural and market knowledge have made Deer one of the most profitable and efficiently operated companies in the small household appliance industry in the world. We capture both manufacturing margins and end user distribution margins. We see positive earnings growth trend to continue well into 2011."
Raises 2010 Earnings Guidance to $29 Million in Net Income, EPS of $0.87:
Based on the current order fulfillment and product shipments to China domestic and global customers, Deer raises its 2010 earnings guidance to approximately $172 million in revenues, approximately $29 million in net income and Earnings per Share (EPS) of $0.87-$0.88. Deer's previous 2010 guidance was $160 million in revenues, $26 million in net income and EPS of $0.76.
Business Outlook for 2011: Targets Minimum 30% Revenues and Earnings Growth in 2011 from the Raised 2010 levels:
Deer anticipates no less than 30% growth in both revenues and net income in 2011 from the raised 2010 levels, mainly due to anticipated continued revenue growth in China's domestic markets. In 2010, Deer significantly expanded its China domestic market distribution footprints, which positions the Company for further market expansion in 2011. In addition, Deer sees better global market conditions in 2011 as the global economy continues to improve, which would benefit Deer's global market sales.
"Deer's strong financial performance in 2010 has set a positive tone for Deer's continued expansion in 2011. Chinese consumer wealth expansion in a favorable environment of high GDP growth and low inflation has created healthy market demand for Deer's small household appliances products, which directly enhance the lifestyles of China's rising middle class. Deer's strong balance sheet and significant cash position also provide ample strategic M&A opportunities in 2011. In addition, Deer plans to significantly increase our production capacity in 2011 through the opening of our second production facility, in order to stay closer to our China domestic customers as well as expanding distribution outlets. Our second factory should be completed in 2011 and it is strategically located in a region that can service more than 300 million people in one of China's most economically developed areas. Deer looks forward to continuing delivering high earnings growth for our shareholders for years to come," commented Mr. He.
Tal como esperava a DEER apresentou resultados fantásticos batendo em mais de 30% as previsões. Além dos resultados, todos os outros dados são fantásticos. Tanto a guidance, como margens e balanço são óptimos. Espero hoje uma reacção enérgica por parte da acção.
Deixo aqui os principais highlines, que estão de acordo com a análise inicial.
3rd Quarter Financial Highlights:
Revenues of $55.26 million, an increase of 108% from Q3/09
Net income of $9.27 million, an increase of 125% from Q3/09, fully diluted EPS (Earnings per Share) of $0.28, an increase of 56% from EPS of $0.18 in Q3/09
Strong balance sheet: $54.4 million in cash without any long term debts
Record China domestic sales – high margin China domestic sales increased 708% to 42% of revenues compared to Q3/09
Expanded gross profit margin to 28.7%, compared to 22.1% in Q3/09
Expanded operating margin to 21.0%, compared to 16.9% in Q3/09
Expanded net income margin to 16.8%, compared to 15.5% in Q3/09
Initiated planning for Deer's 2nd production facility, which is located in China's eastern AnHui Province – positioned for significant China domestic customer demand in 2011
Sees positive impact to earnings from China's currency appreciation and positive growth momentum from the current global economic environment
3rd Quarter Revenues and Net Income:
Q3/2010 revenues were $55.26 million, an increase of approximately 108% from $26.54 million in Q3/2009. Deer attributes the significant increase in organic revenues to 708% year over year quarterly growth in the high margin China domestic markets. In addition, Deer continues to experience strong organic growth from its global markets. Net income for Q3/2010 was approximately $9.27 million, an increase of approximately 125% from Q3/09. Fully diluted EPS was $0.28, compared to $0.18 in Q3/2009.
Management Comments on 3rd Quarter 2010 Financial Results:
Bill He, Deer's Chairman and CEO, commented: "Deer is pleased to report the best 3rd quarter financial results in our corporate history. During this quarter, we executed our China domestic market expansion strategies successfully, which resulted in higher revenue growth as well as higher profit margins. Deer believes that our integrated 'production to market' model and our in-depth local cultural and market knowledge have made Deer one of the most profitable and efficiently operated companies in the small household appliance industry in the world. We capture both manufacturing margins and end user distribution margins. We see positive earnings growth trend to continue well into 2011."
Raises 2010 Earnings Guidance to $29 Million in Net Income, EPS of $0.87:
Based on the current order fulfillment and product shipments to China domestic and global customers, Deer raises its 2010 earnings guidance to approximately $172 million in revenues, approximately $29 million in net income and Earnings per Share (EPS) of $0.87-$0.88. Deer's previous 2010 guidance was $160 million in revenues, $26 million in net income and EPS of $0.76.
Business Outlook for 2011: Targets Minimum 30% Revenues and Earnings Growth in 2011 from the Raised 2010 levels:
Deer anticipates no less than 30% growth in both revenues and net income in 2011 from the raised 2010 levels, mainly due to anticipated continued revenue growth in China's domestic markets. In 2010, Deer significantly expanded its China domestic market distribution footprints, which positions the Company for further market expansion in 2011. In addition, Deer sees better global market conditions in 2011 as the global economy continues to improve, which would benefit Deer's global market sales.
"Deer's strong financial performance in 2010 has set a positive tone for Deer's continued expansion in 2011. Chinese consumer wealth expansion in a favorable environment of high GDP growth and low inflation has created healthy market demand for Deer's small household appliances products, which directly enhance the lifestyles of China's rising middle class. Deer's strong balance sheet and significant cash position also provide ample strategic M&A opportunities in 2011. In addition, Deer plans to significantly increase our production capacity in 2011 through the opening of our second production facility, in order to stay closer to our China domestic customers as well as expanding distribution outlets. Our second factory should be completed in 2011 and it is strategically located in a region that can service more than 300 million people in one of China's most economically developed areas. Deer looks forward to continuing delivering high earnings growth for our shareholders for years to come," commented Mr. He.
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