Niu Technologies (NIU) is an up-and-coming Chinese electric scooter company.
And while NIU was hard-hit by the pandemic, it’s beginning to see a major pickup in consumer demand for electric scooters.
This provided NIU a boost in the second quarter. The company reported earnings per share of $0.19 compared to last year’s earnings of $0.12.
Revenue for the quarter was $145.7 million. The same-quarter revenue from the year prior was $99.5 million.
The number of eScooters sold increased by 58% year over year to 252,998. This helped facilitate net income of $14.5 million versus last year’s $8.8 million.
NIU anticipates revenue will continue to rise…
In its upcoming third quarter, NIU said revenue could be $192.8 million to $223.6 million compared to Wall Street’s projection of $217.4 billion.
And given China’s recent push to reduce global emissions and develop cleaner energy, NIU could continue to benefit over the long term because the adoption of electric scooters should increase as the government further funds green energy projects and electric vehicle development.
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