Greenland Technologies Holding C Down 17.16% To $2.77 After Earnings Miss

Greenland Technologies Holding Corp (GTEC) missed earnings projections on 11/20/2023 for Q3 2023.

Greenland Technologies Holding C's earnings came in at an EPS loss of $0.07 per share, 240% lower than estimates for an EPS of $0.05 per share. The firm's earnings are down 170% since reporting $0.1 per share in the same period a year ago.

Revenues were downbeat at $21.8 million. That is an increase of 0.23% in revenues from the year-ago report and is 9.99% lower than consensus estimates set at $24.3 million.

The stock is down 17.16% to $2.77 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Greenland Technologies Holding C a Neutral Sentiment Rank from InvestorsObserver.

Greenland Technologies Holding C has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 0, putting Greenland Technologies Holding C in the bottom 25% of stocks. The firm was recently trading at a 52-week high of $5.25 on September 6, 2023 and set a 52-week low on May 9, 2023 at $1.13.

Greenland Technologies Holding Corp is a developer of innovative and quality solutions in the material handling industry. It is a transmission and drivetrain systems provider for material handling equipment such as forklift trucks for industrial and logistic applications. The company sold more than 108000 sets of transmission systems to over 100 forklift manufacturers in China. With the emphasis on quality and innovation, over the years, Greenland gained the trust and loyalty from its customers.