Boston, MA 03/11/2014 (wallstreetpr) – Jinpan International Limited (NASDAQ:JST) announced some very good results for the fourth quarter and full year 2013. Strong growth in the Chinese market as well as a resurgence in demand from the international markets lead to these results.
The results for the fourth quarter:
Jinpan International Limited (NASDAQ:JST) reported an increase of 18% in revenues for the fourth quarter on y-on-y basis. The company recorded revenues of $63.1 million for the fourth quarter of 2013 as against $53.4 million reported for the same period last year. Sales in China accounted for $57.5 million, an increase of $18.7 million as compared to the same period last year. International sales also improved by 14% in the quarter to $5.6 million. Gross profit margins of 32.9% were also an improvement over 30.5% recorded in the same quarter last year. Favorable pricing environment as well as raw material costs aided in improvement in gross margins. The company reported gross profit of $20.7 million, an increase of more than 27% y-on-y basis. Earnings were $0.24 per share as compared to $0.23 per share for the same priod last year.
The full fiscal:
Revenues for the full year 2013 increased by 7% to $225.7 million. There was a slight decrease in gross profit margin to 32.1% from 32.7% in 2012. However, gross profit increased by 5% to $72.4 million in 2013. Net income also increased by about 18% to $16.6 million. This translates to $0.99 per share. The company also reported a slight increase in cash and cash equivalents. Jinpan ended the year with $30.8 million in cash and cash equivalents against $30.5 million at the end of 2012.
Jinpan International Limited (NASDAQ:JST) also gave its forecast for 2014. It expects revenues of $248 to $260 million with net income of $18.2 to $19.1 million. This translates into $1.09 to $1.14 per share.
