Cango, Inc. (NYSE: CANG) tock observed trading -58.74% off 52-week high price. On the other end, the stock has been noted 7.23% away from low price over the last 52-weeks. The stock disclosed a move of -21.31% away from 50 day moving average and -30.90% away from 200 day moving average. Moving closer, we can see that shares have been trading -14.88% off 20-day moving average. It has market cap of $746.27M .
Cango, Inc. (NYSE: CANG), a leading automotive transaction service platform in China, today announced its unaudited financial results for the second quarter of 2019.
Second Quarter 2019 Financial and Operational Highlights
Total revenues in the second quarter of 2019 were RMB336.3 million (US$49.0 million), representing a year-over-year increase of 42.3% and outperforming the high end of the Company’s guidance by 6.8%.
After-market services facilitation revenues in the second quarter of 2019 were RMB35.9 million (US$5.2 million), continuing to serve as an important driver for the Company’s revenue growth.
Income from operations in the second quarter of 2019 increased by 17.3% to RMB84.3 million (US$12.3 million) from RMB71.8 million in the corresponding period of 2018.
Net income in the second quarter of 2019 increased by 46.4% to RMB94.6 million (US$13.8 million) from RMB64.6 million in the corresponding period of 2018. Non-GAAP net income in the second quarter of 2019 increased by 66.7% to RMB116.9 million (US$17.0 million) from RMB70.1 million in the corresponding period of 2018.
The amount of financing transactions the Company facilitated in the second quarter of 2019 totaled RMB6,154.8 million (US$896.6 million). The total outstanding balance of financing transactions the Company facilitated was RMB36,394.0 million (US$5,301.4 million) as of June 30, 2019.
M1+ and M3+ overdue ratios for all financing transactions that remained outstanding and were facilitated by the Company were 0.72% and 0.30%, respectively, as of June 30, 2019, as compared to 0.77% and 0.37%, respectively, as of March 31, 2019.
The number of dealers covered by the Company was 48,367 as of June 30, 2019, as compared to 47,879 as of March 31, 2019.
Mr. Jiayuan Lin, Chief Executive Officer of Cango, commented, “Despite the continuing macroeconomic and industry-wide challenges, we maintained our solid growth trajectory with strong financial and operating performances in the second quarter of 2019. During the quarter, our core auto loan facilitation business continued to be a vital growth driver, and we further expanded and refined our after-market services. In addition, we achieved significant breakthroughs in our cooperation with the Industrial and Commercial Bank of China (“ICBC”) in relation to our automotive financing solutions. As a result, our total revenues increased by 42.3% year-over-year to RMB336.3 million in the second quarter of 2019. Going forward, we will continue to augment our leadership in China’s market for automotive financing services by bolstering our core competencies in auto loan facilitation services, expanding our dealership network, developing differentiated products and services, and harnessing our well-developed capabilities in big data and internet technologies.”
Mr. Yongyi Zhang, Chief Financial Officer of Cango, stated, “After a strong start in the first quarter of 2019, we continued to deliver healthy performances in the second quarter. Our total revenues increased by 42.3% year-over-year to RMB336.3 million in the second quarter. Our after-market services facilitation business continued to serve as an important growth engine, contributing RMB35.9 million or 10.7% of our total revenues in the second quarter. Our income from operations and net income increased by 17.3% and 46.4% in the second quarter, respectively. Looking ahead, we will continue to invest in expanding our dealership network, optimizing our service quality and efficiency, and advancing our technology through innovation. As we continue to deepen our collaborations with more financial institutions and original equipment manufacturers, we are confident that we will sustain our growth despite the persisting industry challenges.” The China based company Cango Inc. moved with change of -14.72% to $5.04 with the total traded volume of 6682 shares in recent session versus to an average volume of 2.59K. The stock was observed in the 5 days activity at -8.53%. The one month performance of stock was -25.33%. CANG’s shares are at -13.99% for the quarter and is now at -34.06% since this point in 2018. The average volatility for the week and month was at 5.08% and 5.66% respectively. There are 148.07M shares outstanding and 4M shares are floated in market.
Marcus Miller writes for Finance section of website. He has been a freelance journalist for 8 years, contributing to different online publications. Marcus graduated from University with a BBA in Management with a concentration in Consulting and Business Analysis. In his free time, he likes to indulge in outdoor activities, binge watch HBO GO series and catch local bands playing. He is currently based in USA, and can be reached at [email protected].
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