Highway Hldgs Ltd Stock Price, News & Analysis

Highway Holdings Limited (Nasdaq:HIHO) reported its fiscal third quarter results for 2023, showing net sales of $2.6 million, down from $3.0 million a year ago, largely due to ongoing COVID-19 impacts. Net income decreased to $52,000 ($0.01 per share), compared to $240,000 ($0.06 per share) last year. For the first nine months, net sales totaled $8.5 million, a decline from $9.3 million, with net income at $831,000 ($0.20 per share) versus $812,000 ($0.19 per share) previously. Gross margin improved to 33.7% over the nine months. Cash stood at $6.3 million, or $1.54 per share, and the current ratio was 3.6:1, exceeding liabilities by $2.8 million.

Highway Holdings Limited (Nasdaq: HIHO) has declared a new cash dividend of $0.05 per common share, payable on January 5, 2023, to shareholders of record by December 15, 2022. This latest dividend follows two previous payments totaling $0.20 in 2022. Chairman Roland Kohl stated that this declaration reflects the company's financial strength and commitment to enhancing shareholder value.

Highway Holdings (Nasdaq: HIHO) has secured a new order from a Fortune 500 customer for a brushless motor series, with initial deliveries set for December 2022. This order marks a significant expansion of their relationship, as the company has previously supplied motors for nearly 20 years to the customer's German division. The new brushless DC outer runner motor will be provided to the customer's USA division, indicating a diversification of product offerings and a potential expansion in the motor business.

Highway Holdings Limited (Nasdaq: HIHO) announced its fiscal year 2023 second quarter results, reporting net sales of $3 million, down from $3.4 million year-over-year, attributed to disruptions from China's Zero-COVID policy. Net income rose to $396,000 ($0.10 per diluted share), up from $242,000 ($0.06 per diluted share) in Q2 2022. For the first half of FY2023, sales totaled $6 million, down from $6.4 million, but net income increased to $783,000 ($0.19 per diluted share) from $575,000 ($0.14 per diluted share). The company's cash reserves exceed $6 million, with strong equity of $9.7 million.

Highway Holdings Limited (HIHO) has declared a cash dividend of $0.15 per share for common stockholders. This dividend will be disbursed on October 7, 2022 to those on record as of September 30, 2022. Highway Holdings is a leading international manufacturer, primarily serving blue-chip equipment manufacturers in Germany, with facilities in Yangon, Myanmar, and Shenzhen, China. The announcement highlights the company's commitment to delivering value to its shareholders.

Highway Holdings Limited (Nasdaq: HIHO) reported Q1 fiscal 2023 results ending June 30, 2022. Net sales decreased to $2.94 million from $2.99 million year-over-year. However, net income rose to $390,000 ($0.09 per diluted share) compared to $333,000 ($0.08 per diluted share) a year ago. Gross profit improved to $1.052 million with a gross profit margin of 35.7%. The company benefited from government financial assistance due to COVID-related shutdowns, although operations remain challenged by ongoing restrictions. Cash and equivalents were $6.4 million, indicating solid liquidity.

Highway Holdings Limited (Nasdaq: HIHO) reported significant growth in its fiscal year 2022, with net sales rising 34.8% to $12.4 million and returning to profitability with net income of $443,000, or $0.11 per diluted share. The fourth quarter net sales surged 62.8% to $3.0 million. Factors contributing to this success included improved operations in Myanmar and China, enhanced electronic component deliveries, and increased demand, especially in Europe. Gross profit also improved, reaching $3.8 million for the year.

Highway Holdings Limited (Nasdaq: HIHO) has declared a cash dividend of $0.05 per share, to be paid on April 8, 2022. Shareholders of record on March 8, 2022 will qualify for this dividend. The company is recognized for its manufacturing of quality parts for leading equipment manufacturers primarily based in Germany, with operations in Hong Kong, Myanmar, and China.