Niu Technologies 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.
Niu held $204 million in cash and equivalents as of December 31, 2021.
Outlook: NIU expects Q1 revenues of RMB 657 million to RMB 712 million, representing a year-over-year increase of 20% - 30%. "We believe our diversified product portfolio and omnichannel retail network position us favorably for 2022 and beyond," said CEO Yan Li.
Price Action: NIU shares are trading lower by 4.31% at $9.99 in premarket on the last check Monday.
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