Huami Corporation (NYSE:HMI) saw its shares leap Monday, on release of its unaudited financial results for the first quarter ended March 31, 2019.
Revenues reached RMB799.6 million ($119.1 million U.S.), representing an increase of 36.5% from the first quarter of 2018.
Gross margin was 27.2%, compared with 25.0% for the first quarter of 2018. Net income attributable to Huami Corporation was RMB75.3 million ($11.2 million U.S.), compared with RMB14.8 million for the first quarter of 2018.
Adjusted net income attributable to Huami Corporation was RMB95.0 million ($14.2 million U.S.).
Total units shipped reached 5.6 million, compared with 4.8 million in the first quarter of 2018.
According to CEO Wang Huang, “In the first quarter, with enhancements to and the expansion of, our overseas sales channels and strategies, international version product shipments continued climbing. In particular, our smart watches, in the first quarter, ranked number five globally.
“We are happy to see that self-branded products and others showed robust growth, with a 62.0% increase in revenue compared with the first quarter of 2018, and contributed 41.3% of total revenues in the first quarter of 2019.”
For the second quarter of 2019, the management of the Company currently expects net revenues to be between RMB990.0 million and RMB1,010.0 million, which would represent an increase of approximately 30.2% to 32.9% from RMB760.1 million for the second quarter of 2018.
The outlook is based on the current market conditions and reflects the Company management’s current and preliminary estimates of market.
Shares popped 73 cents, or 10%, to $8.06