Logistics Firm Best Inc. Strong on Revenue; Losses Narrow
Shares in Best fell nearly 3 percent to close at $4.82 apiece the day after the company posted its first quarter results.
Best Inc. (NYSE: BEST) posted better-than-expected revenue results for the first quarter and income in-line with analysts' expectations.
The Hangzhou-based supply chain and logistics company said in a statement this week that its first quarter revenue grew 37 percent to $1 billion. Net loss slimmed 31 percent year-over-year to $34.8 million, or 9 cents per share.
Johnny Chou, the chairman and chief executive officer of Best, said in the report, "BEST is off to a strong start in 2019 as we continued the momentum from last year. Our strategy to gain market share, invest in networks and services, accelerate technology adoption, improve operating efficiency and enhance customer experience enabled us to deliver another strong quarter."
Best reported that its parcel volume has increased 41 percent year-over-year, higher than the average growth rate of 23 percent in China's market.
Best said it expects to generate revenue in the range of $5.3 billion to $5.4 billion this year.
On Wednesday, the stock of Best closed 14 cents lower, at $4.82 per American depositary share.