Greenland Technologies Registers 4% Revenue Decline In Q4

Greenland Technologies Holding Corp GTEC reported a fourth-quarter FY21 revenue decline of 4.2% to $22.9 million, missing the estimate of $24.06 million.
The decline was due to the recognition of orders that accumulated during the pandemic but were not fulfilled until 4Q20, combined with the adverse impact of ongoing supply chain constraints.
Transmission products sold totaled 31,349 units, compared with 37,164 units in 4Q20.
The gross margin was 16.1%, compared with 19.3% a year ago, reflecting lower revenue and higher raw material prices.
EPS dropped to $0.03 compared to $0.31 in 4Q20, missing the estimate of $0.11.
GTEC reported a loss from operations of $(0.1) million versus income from operations of $2.7 million a year ago.
The cash balance at the end of the quarter was $17.8 million.
FY22 Outlook: The company expects to deliver between 100 to 150 vehicles.
Price Action: GTEC shares are trading lower by 8.83% at $5.37 during the premarket session on Monday.

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