Hollsys Automation Technologies INTERNATIONAL, LTD. COMMON (British Virgin Island) - HOLI STOCK NEWS

Hollysys Automation Technologies Ltd. (HOLI) reported strong financial results for the first half of fiscal year 2023, with total revenues of $414.8 million, up 12.2% from the previous year. Net income rose 57.1% to $69.6 million, while diluted earnings per share increased 55.6% to $1.12. The company's gross margin improved to 36.1%, reflecting efficient cost management. Noteworthy contracts were secured in the automation sector, enhancing market presence. However, net cash outflow of $51.5 million raised concerns over liquidity.

Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) reported a revenue increase of 10.9% to $170 million for Q1 FY2023, compared to the prior year. Net income surged 50.1% to $21.4 million, with diluted EPS rising 52.2% to $0.35. The gross margin decreased to 31.1% from 34.2% year-over-year. The company's Industrial Automation sector remains strong, with major project wins, including a significant gas field project. However, the company faced a drop in service revenues by 21%. Total contract backlog as of September 30, 2022, stands at $906.3 million.

Hollysys Automation Technologies Ltd. reported fiscal year 2022 revenues of $707.5 million, up 19.2% year-over-year, with a gross margin of 33.8%. However, net income decreased by 7.3% to $83.2 million, and diluted EPS fell by 7.5% to $1.35. In Q4 2022, revenues reached $182.1 million (+14.7%), while net income rose 4.9% to $23.0 million. The company anticipates FY2023 revenues between $810 million and $885 million, reflecting a 15-25% increase. The order backlog stood at $944.3 million as of June 30, 2022.

Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) reported strong financial results for the third quarter and first nine months of fiscal year 2022. Total revenues reached $525.3 million, a 20.9% increase year-over-year. However, net income decreased by 11.2% to $60.2 million. The company saw a significant 41.7% revenue growth in Q3, buoyed by integrated solutions contracts. Despite challenges from rising raw materials costs and reduced efficiency due to COVID-19, Hollysys signed major contracts with BASF and Sinopec, positioning itself for future growth.

Hollysys Automation Technologies Ltd. (HOLI) reported financial results for the second quarter and first half of fiscal year 2022, revealing total revenues of $369.6 million, a 13.8% increase year-over-year. However, net income decreased by 14.6% to $44.3 million, with diluted earnings per share down 16.3% to $0.72. The company attributed the decline to rising operational costs, despite revenue growth in its Industrial Automation and Rail Transportation Automation segments. Hollysys anticipates total contract value and revenue growth of 5% to 18% for fiscal 2022.

Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) has declared an annual cash dividend of US$0.32 per ordinary share for FY 2021, representing a 20% payout ratio. The record date for shareholders is April 4, 2022, and the payment date is set for April 25, 2022. CEO Dr. Changli Wang emphasized the company’s strong financial position and commitment to rewarding investors through regular dividends. Hollysys continues to evaluate its financial performance to align future dividends with growth strategies.

On January 24, 2022, Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) announced the return of Dr. Changli Wang as CEO after an eight-year absence. In an open letter to investors, Dr. Wang acknowledged the challenges posed by the pandemic but highlighted growth in the company's industrial automation and signal systems divisions. He aims to optimize operations, restore investor confidence, and draw inspiration from successful corporate turnarounds. Hollysys continues to hold a strong market position, serving diverse sectors with its automation solutions.

Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) announced leadership changes effective January 1, 2022. Mr. Chit Nim Sung resigned as CEO and director, while founder Dr. Changli Wang has returned to assume both roles. The Board now consists of five members. Dr. Wang, with over 20 years at Hollysys, expressed confidence in revitalizing the company after recent challenges and aims to enhance profitability and shareholder value. Hollysys specializes in automation control systems, serving various industries including power and rail transportation, and has completed over 30,000 projects for around 17,000 customers.