Ossen Innovation Pre-Announces Full Year 2019 Financial Results
Ossen Innovation Co., Ltd. - American Depositary Shares (OSN)
US:NASDAQ Investor Relations:
ir.osseninnovation.com
Company Research
Source: PR Newswire
SHANGHAI, March 23, 2020 /PRNewswire/ -- Ossen Innovation Co., Ltd. ("Ossen Innovation" or the "Company") (Nasdaq: OSN), a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, today announced that preliminary revenues, gross profit and net income attributable to Ossen Innovation for the full year 2019 are expected to be $138.9 million, $22.4 million and $10.9 million, compared to $136.1 million, $20.5 million and $10.4 million for the same period of last year.The expected increase in revenue is primarily due to an increase in sales of rare earth coated PC sires and PC strands and other products, partially offset by a decrease in sales of plain surface PC strands. Gross margins in 2019 are expected to show a 102-basis points improvement, primarily due to the improvement of the profitability of rare earth coated products in 2019. The increase in net income attributable to Ossen Innovation in 2019 compared to 2018 was primarily d
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