Boston, MA 03/10/2014 (wallstreetpr) – China New Borun Corp (NYSE:BORN) recently reported its fourth quarterly net income and its prospective guidance.
Q4 results: China New Borun Corp (NYSE:BORN)’s total revenue rose by 30.7% to $107.9 million in comparison to its previous year’s quarter, meeting its guidance expectations. Revenue from edible alcohol rose by 26% to $71.4 million, revenue from DDGS feed increased by 44% to $25 million, revenue from liquid carbon dioxide increased by 9% to $1.19 million and revenue from crude corn oil rose by 27.3% to $8.6 million, during the quarter in comparison to its previous year’s quarter. China New Borun Corp (NYSE:BORN) also started generating income from its newly completed CPE and foam installation products with sales volume of 553 tonnes and 375 cubic meters respectively, and $0.9 million.
The gross profit also witnessed growth of 44.3% to $12.9 million and the gross profit margin remained consistent at 9.2%. The net income grew by 41.1% to $5 million and Earnings per ADS were at $0.19/share.
Full year’s performance results: Total revenue for the whole FY13 declined by 12.8% to $369.9 million. Gross profit declined by 29.1% compared to previous financial year FY12. Income from operations also declined by 32% to $32.6 million, while net income dropped by 57.7% to $13 million or $0.51 per share.
Company’s financial outlook and future guidance: The chairman and CEO of China New Borun Corp (NYSE:BORN) Mr. Jinmiao Wang stated “Heading into 2014, we remain cautiously optimistic on our edible alcohol business, as the baijiu market further rationalizes supply and demand. We will continue to optimize our strong sourcing capability and strive to achieve greater operating leverage in our core business.” The company expects 11%-18% year on year growth in its revenue and would range from $82 million to $86.9 million in Q114. China New Borun Corp (NYSE:BORN) during the year claims to have achieved its new milestone of completing its initial sales of CPE and form insulated products and material contribution is expected to begin from the second half of 2014.
