China XD Plastics Company Limited Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Earnings Guidance for the Year 2017
For the six months, the company reported Revenue was $551,395,860 against $492,169,820 a year ago. Operating income was $65,360,947 against $72,008,975 a year ago. Income before income taxes was $45,637,063 against $54,504,378 a year ago. Net income was $37,964,981 against $44,713,124 a year ago. Basic and diluted per share was $0.58 against $0.68 a year ago. Net cash provided by operating activities was $152,688,570 against net cash used in operating activities of $93,887,642 a year ago. Purchase of time deposits was $215,714,244 against $286,909,102 a year ago. Purchase of land use rights of $6,214,207 .Purchase of and deposits for property, plant and equipment was $281,550,529 against $40,022,079 a year ago.
The company reiterates its financial guidance for fiscal 2017 with revenue to range between $1.2 billion and $1.3 billion, and net income to range between $85.0 million to $100.0 million. This is based on the anticipation of a continued recovery throughout the Chinese automotive supply chain and a stabilization of crude oil pricing and its impact on polymer composite materials in 2017.