NEW YORK - Shares of China Yuchai International Limited (NYSE: NYSE:CYD), a leading powertrain manufacturer, jumped following the announcement of its fourth-quarter earnings. The company reported an adjusted EPS of $0.37 for the quarter. Revenue for the quarter also saw a significant increase, reaching $1.3 billion.
In comparison to the same quarter last year, China Yuchai's revenue showed a robust growth of 18.9%, climbing from RMB 7.5 billion in the second half of 2022 to RMB 8.9 billion in the second half of 2023. This increase was attributed to a 5.2% rise in engine sales, particularly in the heavy- and medium-duty truck and bus markets, as well as growth in marine and power generation sectors.
Despite the overall positive financial results, the company experienced a decrease in basic and diluted earnings per share, which were down from RMB 3.06 in the second half of 2022 to RMB 2.62 in the same period of 2023. This decline was noted alongside an increase in research and development expenses, which rose by 9.9% due to higher personnel salaries and related costs.
The President of China Yuchai, Mr. Weng Ming Hoh, commented on the financial results, highlighting the company's diverse product portfolio as a key factor in driving profitable revenue growth amid economic challenges.
"Our strong balance sheet provides the resources to take advantage of future growth opportunities." He said.
Investors are encouraged by the company's financial performance, as evidenced by the positive stock movement. The earnings beat and revenue growth reflect China Yuchai's ability to navigate a complex economic landscape and maintain a strong market position.
The financial information presented by China Yuchai is unaudited and may be subject to change upon finalization. However, the current figures provide a snapshot of the company's performance for the second half and full fiscal year of 2023.
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