Boston, MA 03/17/2014 (wallstreetpr) – Yongye International, Inc. (NASDAQ:YONG) a leading developer manufacturer and distributor of crop nutrient products has reported impressive fourth quarter and full year results that show a growth of 49.4% in annual revenue for the period ending December 31, 2013. The company’s fundamental business remained strong and positive with Yongye planning to execute specific initiatives to further grow it
Yongye International, Inc. (NASDAQ:YONG) has announced it plans to launch a new water soluble humic acid product to be used for irrigation. The company also plans to expand its manufacturing capabilities.
Fourth quarter results
Revenue for the quarter surged to $92 million an increase of 29% compared to revenues of $71.3 million reported the prior year same quarter. Yongye agricultural nutrients shipment were up, growing by 30.2% to record total revenues of $110.8 million compared to total revenues of $85.1 million reported in Q4 12.
Yongye International, Inc. (NASDAQ:YONG)’s gross profit grew by 37.2% to clock in at a high of $52.7 million with income from operations coming in at $16.3 million compared to a high of $18.7 million reported for the same period in 2012. Net income on the other hand clocked in at $14.6 million compared to a high of $19.4 million reported in the fourth quarter of 2012.
Full year financials
Sales for the year grew by 49.4% coming in at $661.9 million up from $443 million reported for the same period in 2012. Yongye 98.6% of total sales or $652.4 million came from liquid crop nutrient with 1.4% coming from powder animal nutrient. Yongye saw its branded retailers reach 36,100 in the year compared to 35,058 reported as of December 31, 2012
Full gross profit clocked in at a high of $404.9 million almost double gross profits of $262.4 million reported in 2012. Gross margin for the year grew slightly to 61.2% up from a low of 59.2% in 2012. Gross margin growth was mainly impacted by the experienced growth in sales as well as cost reduction initiatives.
Yongye International, Inc. (NASDAQ:YONG)’s operating income for the year grew by 32.5% coming in at $214.8 million up from $116.9 million reported in 2012. Full year net income on the other hand came in at $170.8 million up from a net a low of $93.7 million for 2012.
