Welcome to our dedicated page for Highway Holdings news (Ticker: HIHO), a resource for investors and traders seeking the latest updates and insights on Highway Holdings stock.
Highway Holdings Ltd (Nasdaq: HIHO) is an international leader in the manufacturing and supply of metal, plastic, electric, and electronic components, subassemblies, and finished products targeted at original equipment manufacturers (OEMs) and contract manufacturers. The company operates through two primary segments: Metal Stamping and Mechanical OEM, and Electric OEM.
Highway Holdings is headquartered in Hong Kong with manufacturing facilities located in Shenzhen, China, and Yangon, Myanmar. The company serves a diverse geographical market including Europe, North America, and other Asian countries.
The company's product portfolio includes components for a wide range of applications such as photocopiers, laser printers, print cartridges, electrical connectors, electrical circuits, vacuum cleaners, LED power supplies, stepping motors, pumps for dishwashers, and other washing machine parts. Highway Holdings also provides design and development support for the tooling used in the metal and plastic manufacturing process, and offers an array of other manufacturing and engineering services.
In recent developments, Highway Holdings faced challenges due to the COVID-19 pandemic, which impacted production, supply chains, and customer orders. Despite these setbacks, the company maintained a strong financial position with no debt and a robust cash balance of approximately $7 million as of March 31, 2023. The company’s strategic focus is on supporting customers and reinforcing financial stability.
Additionally, the company has resumed manufacturing for Playmaji, Inc., the maker of the Polymega® game console, following a partnership and investment from Atari. This project is expected to drive growth as production ramps up.
Looking ahead, Highway Holdings plans to acquire a majority stake in Synova Metall- und Kunststofftechnik GmbH, a German-based OEM manufacturer specializing in plastic injection molding and metal technology. This acquisition, expected to be completed in early 2024, aims to enhance the company's technological capabilities and expand its customer base.
With a commitment to quality, innovation, and customer satisfaction, Highway Holdings Ltd is well-positioned for future growth and success in the post-pandemic economic landscape.
Highway Holdings (Nasdaq: HIHO) announced that its Board of Directors has declared a cash dividend of $0.05 per common share. The dividend will be distributed on December 24, 2024 to shareholders recorded as of December 12, 2024.
Highway Holdings (Nasdaq: HIHO) reported strong results for the second quarter of fiscal year 2025, with revenue growth of 60.1% and gross profit growth of 117.8% year-over-year. The company's Q2 FY2025 gross profit was $834,000, with a gross profit margin of 39.4%. Despite the positive results, the company cautioned that net income comparisons may not accurately reflect progress due to a reversal of bad debt provisions in the previous year. Highway Holdings maintains a strong financial position with over $5.6 million in cash and a net cash positive position. The company is optimistic about future growth, citing an upcoming motor project and potential new ventures.
Highway Holdings (Nasdaq: HIHO) has announced a cash dividend of $0.02 per common share. The dividend will be paid on October 11, 2024 to shareholders of record on October 4, 2024. Roland Kohl, chairman, president and CEO of Highway Holdings, expressed satisfaction with the company's consistent track record of returning capital to shareholders. He noted that while the company has not fully recovered to pre-COVID business levels, there are signs of improvement. Kohl highlighted the company's maintained financial strength and expressed confidence in its long-term prospects and ability to build on positive momentum through 2024.
Highway Holdings (Nasdaq: HIHO) has received an initial order of 100,000 units for a new model of brushless electric motor from one of its largest strategic customers. The company designed and manufactured this motor specifically for the customer, acting as an Original Design Manufacturer (ODM) rather than an Original Equipment Manufacturer (OEM).
The development of this motor began nearly five years ago but faced significant delays due to COVID-19. Highway Holdings already manufactures synchron and stepping motors for another major customer, and this new brushless electric motor is expected to be a significant addition to their production lines. The company anticipates becoming a leading supplier of this motor type to the customer, with the increased demand expected to boost production volume and contribute significantly to revenue growth in the near future.
Highway Holdings (Nasdaq: HIHO) reported a 39.3% increase in net sales to $1.88 million for Q1 FY2025, compared to $1.35 million in Q1 FY2024. The company achieved a net gain of $98,000, or $0.02 per diluted share, reversing a net loss of $338,000 in the previous year. Gross profit increased to $661,000 (35% margin), up from $377,000 (28% margin) in Q1 FY2024. The company maintained a strong financial position with $6.0 million in cash and cash equivalents, exceeding combined liabilities by $1.65 million. CEO Roland Kohl expressed cautious optimism, citing increased orders from customers and potential new business lines contributing to future growth.
Highway Holdings (Nasdaq: HIHO) reported financial results for Q4 and FY 2024 ended March 31, 2024. Key points:
- Q4 net sales: $1.4 million (vs $1.7 million in Q4 2023)
- Q4 net loss: $1.18 million or $0.26 per diluted share
- FY 2024 net sales: $6.3 million (vs $10.2 million in FY 2023)
- FY 2024 net loss: $959,000 or $0.22 per diluted share
The company faced challenges due to COVID-19 impacts, resulting in decreased demand and inventory imbalances. They took provision charges totaling $2.45 million. Despite difficulties, HIHO maintains a strong financial position with $6.6 million in total equity and no debt.
Highway Holdings (NASDAQ: HIHO) announced the restatement of its unaudited financial statements for the quarters ending December 31, 2023, due to a revenue recognition error caused by a change in a customer's inventory procedures. The adjustment includes removing $1.875 million in net sales and $1.921 million in cost of sales, identified during the preparation of the annual report for the fiscal year ending March 31, 2024.
Despite the adjustments, net income has increased: for Q3 of fiscal 2024, it rose from $302,000 ($0.07 per diluted share) to $348,000 ($0.08 per diluted share), and for the first nine months, it increased from $177,000 ($0.04 per diluted share) to $223,000 ($0.05 per diluted share).
The announcement reflects the company's dedication to maintaining financial accuracy and integrity.
FAQ
What is the current stock price of Highway Holdings (HIHO)?
What is the market cap of Highway Holdings (HIHO)?
What does Highway Holdings Ltd do?
Where is Highway Holdings Ltd headquartered?
What are the main business segments of Highway Holdings Ltd?
Which regions does Highway Holdings Ltd serve?
How has COVID-19 affected Highway Holdings Ltd?
What is the financial position of Highway Holdings Ltd?
What recent partnerships has Highway Holdings Ltd formed?
What upcoming acquisition is Highway Holdings Ltd planning?
What industries does Highway Holdings Ltd supply products to?
What is the main goal of Highway Holdings Ltd moving forward?
