Li Auto Q3 Profit Edges Up, Revenue Climbs 23.6%

(RTTNews) - Li Auto Inc. (LI), a Chinese electric vehicle maker, Thursday reported net income of RMB2.820 billion or $401.9 million for the third quarter, higher than RMB2.812 billion in the same quarter a year ago.

Earnings per ADS was RMB2.66 or $0.38, compared with RMB2.67 last year. Excluding one-time items, earnings were RMB3.9 billion or $548.8 million. Adjusted earnings per ADS was RMB3.63 or $0.52.

Income from operations was RMB3.4 billion or $489.2 million, up 46.7 percent from RMB2.3 billion a year ago.

Total revenues were RMB42.874 billion or $6.109 billion for the quarter, an increase of 23.6 percent from RMB34.679 billion in the previous year.

Analysts on average expected the company to report earnings of $0.32 per share on revenue of $5.84 billion. Analysts' estimates typically exclude special items.

The company's total deliveries for the third quarter grew 45.4 percent year-on-year to 152,831 vehicles.

For the fourth quarter, Li Auto expects revenue to be between RMB43.2 billion or $6.2 billion and RMB45.9 billion or $6.5 billion. The consensus estimate stands at $6.71 billion.

Li Auto expects to deliver 160,000 - 170,000 vehicles in the fourth quarter, a year-over-year increase of 21.4 percent to 29 percent.