CATL Earnings Beat Estimates, Defying Falling Cell Prices
A Contemporary Amperex Technology Co Ltd. (CATL) sodium-ion battery model in Shanghai in April.
Photographer: Qilai Shen/BloombergChinese battery producer Contemporary Amperex Technology Co. Ltd. posted a record second-quarter profit, with its outlook further buoyed by a blockbuster share sale in Hong Kong that will fund its global expansion.
Net income rose 34% to 16.6 billion yuan ($2.3 billion) in the three months ended June 30. according to Bloomberg News calculations, beating analyst estimates. For the first-half, earnings jumped 33% to 30.5 billion yuan, according to a filing late Wednesday. Second-quarter revenue fell slightly short of the consensus estimate of 94.2 billion yuan, and the company will pay an interim dividend of 1.007 yuan per share.