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Kandi Technologies (KNDI) Reports Earnings, Shares Surge Again
Kandi Technologies (KNDI) which is ramping up production of its all electric COCO vehicle and made its first sale to the China postal service last week, reported earnings this morning that were about flat with the year ago quarter. The company says that the impact of the global recession is slowing which will be good for the company, but they continue to focus on China where the recovery is moving faster. They did acknowledge that while disappointed in the start up of consumer sales in China, they remain optimistic that a government decision on consumer grants for those purchasing electric vehicles was forthcoming.
The company reported an EPS of .05/share excluding stock compensation on revenues of $9.6 million. EPS result would have been much better, but the company increased R&D expenses 187% over the year ago period as it ramps up plans for sales in China of its new diesel powered pick up for farmers as well as the all electric COCO.
Shares of KNDI are up about 8% and continue to breakout above the Oct highs.
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