China New Borun Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Revenue Guidance for the Fourth Quarter of 2016
For the nine months, the company reported revenues of $1,619,208,219 compared to $1,952,988,691 a year ago. Operating income was $99,421,178 compared to $169,263,834 a year ago. Income before income taxes was $64,209,794 compared to $100,925,549 a year ago. Net income was $48,157,345 or $1.87 per basic and diluted share compared to $75,694,161 or $2.94 per basic and diluted share a year ago.
Reflecting a sharp year-over-year decrease in ASP for edible alcohol and its by-products, the company estimates that its revenue for the fourth quarter of 2016 will be in the range of RMB 480 million ($71.9 million) to RMB 530 million ($79.4 million), a decrease of approximately 24.2% to a decrease of 31.3% over the same quarter of 2015.