China XD Plastics’ Revenues Increase 94% (CXDC)

China XD Plastics Company Limited

reports Q2 EPS loss of $0.07 versus estimates of $0.12. China XD Plastics Company Limited reports Q2 revenues of $62 million versus estimates of $39.08 million. Revenues increased 94.3% year over year. The company said that total volume shipped was 29,000 metric tons, up 101.3% from 14,404 metric tons in the second quarter of 2009. Mr. Jie Han, Chairman and Chief Executive Officer of China XD Plastics commented, "We are pleased to report another quarter of strong revenue growth supported by continuing vehicle demand in China. Throughout the quarter, we continued to execute on our strategic and tactical initiatives, as highlighted by our exclusive product development agreement with Hafei Dongyang which extends our position in the growing electric vehicle market in China." He added, "Total volume shipped continued to increase, reaching 29,000 metric tons for the quarter. Our financial position remains robust, and we further strengthened our cash position as a result of efficient management of our working capital. We enter the second half of the year well positioned to extend our market leading position, supported by the strong fundamental growth drivers in our end markets and our ability to continue to execute on our growth strategy." Shares of CXDC are higher in the after-hours by 6.45%.