BYD's third-quarter earnings rose from a year earlier, but Reuters said they fell short of brokerage forecasts, while the company's filing showed nine-month profit still below last year's level.
The filing, submitted Oct. 29, covered the three months ended Sept. 30. Profit attributable to shareholders was RMB10.020 billion, up 28.08%, and revenue reached RMB221.488 billion, a 13.59% increase.
Reuters reported that estimates from three brokerages ranged from RMB11.4 billion to RMB12.95 billion. It also said profit growth slowed from 30% in the second quarter. BYD reported third-quarter profit excluding nonrecurring gains and losses of RMB8.630 billion, up 25.25%.
The revenue increase ended four consecutive quarters of year-over-year declines, Reuters reported. BYD’s six-month results had shown revenue of RMB344.815 billion, down 7.13%, and profit attributable to shareholders of RMB12.325 billion, down 20.54%.
For January through September, revenue totaled RMB566.304 billion, up 0.01% from a year earlier. Profit attributable to shareholders fell 4.24% to RMB22.345 billion. Operating cash flow for the period was RMB54.470 billion, an increase of 33.36%, according to the filing.
Dow Jones reported that BYD exported more than 550,700 new-energy vehicles in the quarter, over twice the year-earlier total, and that overseas sales made up more than 40% of quarterly sales. Reuters characterized overseas demand as a cushion against weakness in China. Dow Jones also pointed to slower Chinese demand and increased domestic competition as challenges for the automaker.
