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 Limited (Nasdaq:HIHO) reported its fiscal third quarter results for 2023, showing net sales of $2.6 million, down from $3.0 million a year ago, largely due to ongoing COVID-19 impacts. Net income decreased to $52,000 ($0.01 per share), compared to $240,000 ($0.06 per share) last year. For the first nine months, net sales totaled $8.5 million, a decline from $9.3 million, with net income at $831,000 ($0.20 per share) versus $812,000 ($0.19 per share) previously. Gross margin improved to 33.7% over the nine months. Cash stood at $6.3 million, or $1.54 per share, and the current ratio was 3.6:1, exceeding liabilities by $2.8 million.
Highway Holdings Limited (Nasdaq: HIHO) has declared a new cash dividend of $0.05 per common share, payable on January 5, 2023, to shareholders of record by December 15, 2022. This latest dividend follows two previous payments totaling $0.20 in 2022. Chairman Roland Kohl stated that this declaration reflects the company's financial strength and commitment to enhancing shareholder value.
Highway Holdings (Nasdaq: HIHO) has secured a new order from a Fortune 500 customer for a brushless motor series, with initial deliveries set for December 2022. This order marks a significant expansion of their relationship, as the company has previously supplied motors for nearly 20 years to the customer's German division. The new brushless DC outer runner motor will be provided to the customer's USA division, indicating a diversification of product offerings and a potential expansion in the motor business.
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