Niu Technologies Registers 37% Revenue Growth In Q3, Miss Estimates - Niu Techs (NASDAQ:NIU)

Niu Technologies ADR NIU reported third-quarter FY21 sales growth of 37.1% year-on-year, to RMB 1.23 billion ($190.3 million), missing the analyst consensus of $217.3 million.
The number of e-scooters sold increased 58.3% Y/Y to 397,079, led by a 59.9% rise in China.
International e-scooters sales decreased 11.2% due to shipping difficulties caused by the impact of COVID-19.
The number of franchised stores in China was 2,686 as of September 30, 2021, an increase of 320 from June 30, 2021.
The gross margin for the quarter declined 90 basis points Y/Y to 20%.
The operating margin was 8.4%, and operating income for the quarter rose 26.7% to RMB102.6 million ($15.9 million).
Earnings per ADS were $0.18. The adjusted net income was RMB 102.2 million versus RMB 90.6 million last year.
The company held RMB 1.6 billion in cash and equivalents as of September 30, 2021.
"Our cost optimization initiatives have shown positive results since September and we expect to benefit more in the future quarters," said CEO Yan Li.
Outlook: NIU expects Q4 revenues of RMB 840 million to RMB 910 million, representing a year-over-year increase of 25% - 35%.
Price Action: NIU shares are trading lower by 2.74% at $23.4 in premarket on the last check Monday.