Hanfeng Evergreen, $5.26, symbol HF on Toronto (Shares outstanding: 61.7 million; Market cap: $324.4 million; www.hanfengevergreen.com), makes slow- and controlled-release fertilizers. The company’s production facilities are in agricultural regions of China and Southeast Asia, though Hanfeng’s headquarters are in Toronto.
In the three months ended September 30, 2010, Hanfeng’s revenue fell 22.7%, to $42.6 million from $55.1 million a year earlier. Earnings per share dropped 60% to $0.04 from $0.10. The latest results fell well short of the consensus estimate of $0.13 a share of earnings on revenue of $83.7 million.
Unusually hot weather held back production, and a shipping delay hurt sales at Hanfeng’s joint ventures. These were the main reasons for the lower sales and earnings. The shares plunged 12% on November 11, after the company released the weaker results.
Hanfeng has debt of just $1.3 million, and holds cash of $28.5 million or $0.46 a share.
The company’s Chinese operations expose it to both political and currency risk. However, the…
Privacy Policy and Terms of Use
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