China XD Plastics Company Ltd. announced consolidated unaudited earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported revenues of USD 310,453,033 compared to USD 237,840,197 a year ago. The year-over-year increase was primarily due to an increase of 24.4% in sales volume, a depreciation of USD against RMB by 8% and offset by a decrease of 3% in the average RMB selling price of products, as compared with those of last year. Operating income was USD 38,891,540 compared with USD 21,348,586 for the same period a year ago. Income before income taxes was USD 25,310,728 compared with USD 13,453,315 for the same period a year ago. Net income was USD 19,099,901 or USD 0.29 per basic and diluted share compared with USD 9,900,989 or USD 0.15 per basic and diluted share for the same period a year ago. Net cash provided by operating activities was USD 28,429,789 compared with net cash used in operating activities of USD 47,564,499 for the same period a year ago. Purchase of and deposits for property, plant and equipment was USD 64,469,960 compared with USD 328,428,788 for the same period a year ago. EBITDA was USD 49,647,220 compared with USD 33,969,074 for the same period a year ago.

The company reiterates its financial guidance for fiscal 2018 to range between USD 1.2 billion and USD 1.4 billion in revenue. Gross margin is expected to remain stable as compared to that of fiscal 2017. The company project net income to range between USD 90 million and USD 110 million. This is based on the anticipation of a steady recovery throughout the Chinese automotive supply chain and a stabilization of crude oil pricing and its impact on polymer composite materials in 2018.