BEST EPS misses by $0.06, misses on revenue

StreetInsider2021-06-09

HANGZHOU, China, June 8, 2021 /PRNewswire/ -- BEST Inc. (NYSE: BEST) ("BEST" or the "Company"), a leading integrated smart supply chain solutions and logistics services provider in China, today ...

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Teruwa
2021-06-09
Teruwa
hmmm interesting

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(NYSE: BEST) (\"BEST\" or the \"Company\"), a leading integrated smart supply chain solutions and logistics services provider in China, today ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18536486\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BEST","symbol_name":"百世集团","start_time":0,"source_url":"https://www.streetinsider.com/dr/news.php?id=18536486","article_id":"2142932022","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2142932022","pubTimestamp":1623194100,"sourceInfo":{"source_id":"highlight_streetinsider","name":"StreetInsider"},"weMediaInfo":null,"summary":"HANGZHOU, China, June 8, 2021 /PRNewswire/ -- BEST Inc. (NYSE: BEST) (\"BEST\" or the \"Company\"), a le","collect":0,"end_time":0,"defaultTopTitle":"streetinsider.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BEST":"百世集团"},"translate_title":"最佳每股收益低于预期$0.06，营收不及预期","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BEST":0.9},"content_text":"HANGZHOU, China, June 8, 2021 /PRNewswire/ -- BEST Inc. (NYSE: BEST) (\"BEST\" or the \"Company\"), a leading integrated smart supply chain solutions and logistics services provider in China, today announced its unaudited financial results for the quarter ended March 31, 2021.Johnny Chou, Founder, Chairman and Chief Executive Officer of BEST, commented, \"Our first quarter results reflected a mix of both the progress brought about by our November 2020 strategic refocusing plan and the ongoing challenges we are still facing. Our execution of the strategic refocusing plan delivered substantial improvement in Freight, Supply Chain Management and Global, as reflected in their top line growth along with strong gross margin expansion. We continued to solidify our leading position in the freight market, while refocusing our efforts on high-margin accounts for Supply Chain Management. We also gained ground in the Southeast Asian market through Global despite the COVID-19 pandemic.\"\"For Express, our strategies are on the right track, and the rapidly evolving competitive landscape requires us to quicken the pace of our action. Our accelerated measures will focus on networking stability and service quality by optimizing the structure of products, customers and franchisee partners, in order to create a clear path to sustainable profitability.\"\"Although we expect the turnaround of Express to take approximately 6 to 9 months, we have a solid, clear strategic direction targeting sustainable development, supported by the attractive growth prospects of e-commerce and the unique value proposition of our integrated smart supply chain solutions and logistics services. We are fully dedicated to positioning our company for long-term success.\"Gloria Fan, BEST's Chief Financial Officer, commented, \"In the first quarter of 2021, our revenue reached RMB6.5 billion, increasing 29.9% year-over-year while our net loss was RMB604 million as our initiatives for Express need time to materialize at the bottom line. Our focus today continues to be on cost reduction across the entire organization, including unit cost structure optimization for Express and Freight, as well as the streamlining of SG&A expenses. As we navigate through the current environment, we are making various strategic evaluations and are prepared to take appropriate actions to strengthen our balance sheet and liquidity to support our strategic refocusing plan. In particular, we are looking at financing options in relation to certain of our business units, and we will provide details as necessary or appropriate if any definitive step is taken.\"FINANCIAL HIGHLIGHTS([1])For the Quarter Ended March 31, 2021:Revenue was RMB6,496.6 million (US$991.6 million), an increase of 29.9% year-over-year (\"YoY\"). The increase was primarily due to a strong increase in Express and Freight volume, partially offset by a decrease in average selling price (\"ASP\") in Express and Freight business segments.Gross Loss was RMB193.4 million (US$29.5 million), compared to gross loss of RMB238.0 million in the same period of 2020. Gross Loss Margin was 3.0%, an improvement of 1.8 percentage points (\"ppts\") YoY.Net Loss was RMB604.5 million (US$92.3 million), compared to a net loss of RMB666.9 million in the same period of 2020. Non-GAAP Net Loss([2])([3]) was RMB581.1 million (US$88.7 million), compared to non-GAAP net loss of RMB632.3 million in the same period of 2020.Diluted EPS([4]) was negative RMB1.55 (US$0.24), compared to negative RMB1.69 in the same period of 2020. Non-GAAP Diluted EPS(3)(4) was negative RMB1.49 (US$0.23), compared to negative RMB1.60 in the same period of 2020.EBITDA([5]) was negative RMB420.3 million (US$64.2 million), compared to negative RMB536.2 million in the same period of 2020. Adjusted EBITDA(3)(5) was negative RMB396.9 million (US$60.6 million), compared to negative RMB502.6 million in the same period of 2020.BUSINESS HIGHLIGHTS([6]) BEST Express – We continued to focus on optimizing product structure, improving network stability and flexibility, as well as enhancing service quality and customer experience during the first quarter. While the results from these actions are not fully visible from our financial results, we believe they have improved the underlying fundamentals of our network and we will further accelerate our actions to target a return to profitability later in the year.During the quarter, parcel volume increased by 33.6% YoY. Gross margin contracted by 3.2 ppts due to a decline in ASP per parcel of 17.6% YoY, partially offset by a decrease in average cost per parcel of 15.1% YoY.BEST Freight – Freight once again delivered a strong quarter with a higher-than-industry-average growth rate and improving profitability. The Company continued to emphasize the e-commerce aspect of its freight services, solidify its leadership position and brand recognition, and improve operating efficiency. Freight volume increased by 81.0% YoY in the first quarter of 2021. Average cost per tonne and ASP per tonne decreased by 20.6% YoY and 5.4% YoY， respectively.BEST Supply Chain Management – The total number of orders fulfilled by Cloud OFCs increased by 20.6% YoY to 100.8 million in the first quarter of 2021 and the total number of orders fulfilled by franchised Cloud OFCs increased by 30.6% YoY to 52.8 million. The number of franchised OFCs increased by 15.2% YoY to 348 in the first quarter of 2021. In the first quarter of 2021, gross margin for Supply Chain Management was 5.4%, compared with 0.8% in the first quarter of 2020, benefitting from cost reduction efforts and discontinuation of legacy low-margin accounts.BEST Global – Global continued to expand both cross-border and in Southeast Asia with strong margin improvement. In the first quarter of 2021, parcel volume in Southeast Asia increased by 249% YoY to 30.8 million. Global's gross margin improved significantly by 22.2 ppts YoY due to better economies of scale.Others – In respect of UCargo, as of March 31, 2021, the number of registered drivers on the UCargo mobile app increased by 66.2% YoY to 347,854. In the first quarter of 2021, the total number of transactions on the trucking brokerage platform increased by 65.4% YoY to 185,676. d([14])","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":180816940,"gmtCreate":1623198093580,"gmtModify":1704198052717,"author":{"id":"3575581511094836","authorId":"3575581511094836","name":"Teruwa","avatar":"https://static.tigerbbs.com/88dfe40f779bb792adcca626b50b5b72","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":5,"crmLevelSwitch":0},"htmlText":"hmmm interesting","listText":"hmmm interesting","text":"hmmm interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/180816940","repostId":2142932022,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":4,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2142932022"}