Shares of Ossen Innovation Co. Ltd. (OSN, Financial) jumped more than 40% on Thursday after reporting its financial results for the six months ended June 30.
"During the six-month period, we won a few more bridge projects in China that contributed to our sales results and positively impacted our growth, margins and profitability," Dr. Liang Tang, chairman of the company, said. "As the Chinese government continues to reduce the overcapacity in steel industry and push forward on infrastructure projects around the country, we continue to increase our efforts to win multiple infrastructure projects and further solidify our position as a market leader."
Revenue rose $18 million, or 34.6%, to $70 million. The growth was due to an increase in rare earth-coated products and plain surfaced and other products, partially offset by a decrease in zinc-coated products.
More than 80% of total sales were from rare earth-coated PC steel materials. Sales of plain surface and other products were $11.7 million and there were no sales of zinc-coated products.
The gross profit increased by $5.2 million, or 109.4%, from the prior-year period to $10 million. The gross margin increased by 5.1 percentage points to 14.3%.Â
Shares of Thor Industries Inc. (THO, Financial) fell more than 12% after the company posted fourth-quarter earnings of $1.67 per share on revenue of $1.87 billion, a 3.1% year-over-year decline. The company fell 36 cents short of earnings estimates, but beat revenue expectations by $20 million.
During the quarter, the gross profit decreased 18.9% to $244.4 million and diluted earnings decreased 26.1% to $1.67 per share.
By segment, net sales were flat at $1.41 billion for the Towable division, down 13.2%to $421.3 million for the Motorized division and declined 3.1% overall. The overall gross profit margin decreased to 13% from 15.6% a year ago.
Disclosure: The author holds no positions in any stocks mentioned.
