- Niu Technologies (NASDAQ: NIU) reported fourth-quarter FY21 sales growth of 46.7% year-on-year, to RMB 986.06 million ($154.73 million), beating the consensus of $144.02 million.
- The number of e-scooters sold increased 58.3% Y/Y to 238,188, led by a 49.2% rise in China.
- International e-scooters sales jumped 155.8% Y/Y to 32,949.
- The number of franchised stores in China was 3,108 as of December 31, 2021, an increase of 422 from September 30, 2021.
- The gross margin for the quarter declined 260 basis points Y/Y to 22.6%, reflecting higher raw material cost and different product mix.
- The operating margin was 5.1%, and operating income for the quarter fell 19.3% to RMB 50.3 million ($7.9 million).
- Earnings per ADS were $0.09. The adjusted net income was RMB 60.2 million versus RMB 68.6 million last year.
- The company held $204 million in cash and equivalents as of December 31, 2021.
- "We believe our diversified product portfolio and omnichannel retail network position us favorably for 2022 and beyond," said CEO Yan Li.
- Outlook: NIU expects Q1 revenues of RMB 657 million to RMB 712 million, representing a year-over-year increase of 20% - 30%.
- Price Action: NIU shares are trading lower by 4.31% at $9.99 in premarket on the last check Monday.
Read at Benzinga