Jerash Q1 net income drops 71% to $495k; revenue up 3.9% to $34.7M

Jerash Holdings (US), Inc.

2023-Q1 EPS reported $0.04 revenue$34,735,657

Net income fell to $495k ($0.04 EPS) from $1.7M ($0.14) a year ago; gross margin slipped to 16.0% from 19.8%.
Revenue rose 3.9% YoY to $34.7M, driven by higher shipments to major U.S. customers.
Interest expense jumped to $389k from $88k due to supply chain financing programs.
Quarterly dividend of $0.05 declared, payable August 23, 2023 to holders of record August 16, 2023.
FY 2024 revenue expected flat vs FY 2023; gross margin guided at 15-16%.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Jerash Holdings (US), Inc. reported fiscal 2024 first quarter, ended June 30, 2023 results: revenue $34.7 million, net income $495,000, EPS $0.04 per share. Guidance reaffirmed.

Period: fiscal 2024 first quarter, ended June 30, 2023
Revenue: $34.7 million
Net income: $495,000
EPS: $0.04 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

and will further reduce dependency on suppliers in South East and Eastern Asia,” Choi added. Fiscal 2024 First Quarter Results Fiscal 2024 first quarter revenue advanced to $34.7 million, up 3.9 percent, from $33.4 million in the same period last year, reflecting an increase in shipments to some of the Company’s major U.S. customers. Gross profit was $5.6 million

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Source: SEC EDGAR

accession 0001213900-23-064772

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