FFHL - Fuwei Films stock soars premarket as Q1 earnings revenues post strong Y/Y gains

Gumpanat/iStock via Getty Images Fuwei Films (FFHL) up 62.7% premarket following its Q1 earnings report, where net income of RMB31.4M vs. RMB13.0M a year-ago or per basic and diluted share of RMB9.60 vs. RMB3.97 a year-ago. Revenue rose 22.1% to RMB101.6M. Sales of specialty films increased 47.9% Y/Y to RMB65.0M; Overseas sales rose 55.2% Y/Y to RMB9.0M, mainly due to increased sales volumes. Gross margin jumped to 41.8% from 35.8% a year-ago, the increase in average product sales prices and the decrease in the average cost of goods sold during the first quarter ended March 31, 2021 contributed to the increase in gross profit and gross margin during the period. Mr. Lei Yan, Chairman and CEO of Fuwei Films, commented, "Despite the oversupply in the marketplace and the ongoing coronavirus pandemic, we achieved positive trends in overall sales, especially sales of specialty films, including base film for dry film, which accounted for 63.9% of our total revenues. For the future, we remain committed to innovation and differentiated marketing

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Fuwei Films stock soars premarket as Q1 earnings, revenues post strong Y/Y gains