Greenland Technologies Registers ~40% Revenue Growth In Q3, Reaffirms FY21 Outlook - Greenland Technologies (NASDAQ:GTEC)

Greenland Technologies Holding Corp GTEC reported a third-quarter revenue increase of 39.7% year-over-year to $23.1 million, beating the estimate of $21.97 million.
The increase in revenue was due to the significant increase in the sales volume resulting from the continuously growing market demand, the ability to boost supplies, and a shift in the product mix towards higher-value products.
EPS improved to $0.09 from $0.02 in 3Q20, missing the estimate of $0.12.
The gross margin expanded by 150 bps to 22.1%.
The number of transmission products sold was 33,478 units, an increase of 11.6% Y/Y.
The operating income declined to $2.05 million (-8.4% Y/Y), and the margin contracted by 467 bps to 8.9%.
Total operating expenses were $3 million (+162.8% Y/Y), primarily due to a year-over-year rise in sales, consultancy fees, and research and development expenses.
The company had cash and cash equivalents of $16.2 million at the end of the quarter.
FY21 Outlook: The company maintained its guidance for total revenues of $90 million - $100 million vs. an estimate of $98.92 million.
Price Action: GTEC shares are trading higher by 5.82% at $6.07 during the premarket session on Thursday.