By Ben Otto and Sherry Qin
Chinese battery maker Contemporary Amperex Technology Co.’s third-quarter profit rose 11% on the back of higher sales, but came up short of analyst expectations.
The world’s largest maker of electric-vehicle batteries posted quarterly profit of 10.43 billion yuan ($1.43 billion), up from CNY9.42 billion in the same period a year ago, it said late Thursday.
The bottom line missed analyst expectations for net profit of CNY11.04 billion, according to a FactSet-compiled estimate, and slipped 4.3% from the second quarter.
CATL, a Tesla battery supplier, said revenue rose 8.3% to CNY105.43 billion. That was below a FactSet estimate of CNY106.89 billion.
Despite the profit rise, the Ningde, China-based company saw declining profit growth. CATL registered a more than sixfold increase in profit for the first quarter, and a 63% profit rise in the second quarter.
Write to Ben Otto at [email protected]
Read the full article here