Specialty Chemical Company China XD Plastics Announces First Quarter 2020 Financial Results

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– Revenue of $144.8 million –HARBIN, China, June 29, 2020 /PRNewswire/ — China XD Plastics Company Limited (NASDAQ: CXDC) (“China XD,” the “Company” or “we”), one of China’s leading specialty chemical companies engaged in the development, manufacture and sale of polymer composite materials primarily for automotive applications, today announced its financial results for the first quarter ended March 31, 2020.First Quarter 2020 Financial Highlights     Revenue was $144.8 million, a decrease of 52.0% YoY and a decrease of 53.4% sequentially Gross profit was $5.2 million, a decrease of 89.7% YoY and a decrease of 88.1% sequentially            Gross margin of 3.6%, a decrease of 13.1% YoY and a decrease of 10.5% sequentially Net loss was $11.0 million, compared to net income of $11.0 million in the same period last year and net loss of $65.0 million sequentially EBITDA was $21.7 million, a decrease of 54.4% YoY and an increase of 179.5% sequentially. A description of the adjustments from GAAP net loss to EBITDA is detailed in the table captioned “Reconciliation of GAAP and Non-GAAP Results” following this press release. Total volume shipped was 28,326 metric tons, down 70.0% YoY and a decrease of 57.7% sequentially”Due to the COVID-19 pandemic, China’s auto industry was hit hard with production and sales decreased by 45.2% and 42.4%, respectively for the first quarter of 2020. The Company’s manufacturing facilities in Harbin and …

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