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- Jerash Holdings Inc JRSH reported fourth-quarter FY21 sales of $23.8 million, up 65% year-on-year, beating the consensus estimate of $20 million.
- The increase in sales was mainly due to higher shipments and pandemic-related effects in the prior year period.
- The gross margin expanded to 19.6%, up 1,090 basis points Y/Y, reflecting an improved product mix.
- The operating margin was 4.6%.
- EPS of $0.06 grew 185.7% Y/Y, missing the consensus estimate of $0.10.
- Jerash used $1.5 million in operating cash flow, and its cash and equivalents totaled $22.9 million as of March 31, 2021.
- Guidance: Jerash sees FY22 sales between $100 and $102 million versus analyst consensus of $100.76 million.
- Aegis Capital analyst Rommel Dionisio maintained Jerash Holdings with a Buy rating and raised the price target from $8 to $9.
- “We continue to anticipate that fiscal 2022 will reflect more typical customer patterns, with record revenue for the year, based on current ordering patterns,” said Sam Choi, chief executive officer.
- Price action: JRSH shares are trading lower by 0.30% at $6.37 on the last check Tuesday.
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