Some of the key results for the third quarter and nine months ending September 30, 2021 include:
The third quarter consecutive record quarterly net sales of 3.85 billion U.S. dollars
? 2021 is an increase of 84.5% from the US$2.09 billion in the third quarter of 2020.? Record net worth
Sales increased by $10.1 billion for the nine months ended September 30, 2021
For the nine months ended September 30, 2020, USD 6.68 billion increased by 51.3%.
A record quarterly gross profit of 1.21 billion U.S. dollars in the third quarter
A 79.1% increase in 2021, a record 9-year gross profit of US$3.25 billion
Year-on-year growth of 56.7% for the month ending September 30, 2021
? During 2020. Our gross profit margin during 2021 is strong and
Approximately in the range of 31% to 32%, roughly equivalent to
We created a record quarterly pre-tax income and a profit margin of $532.6
In the third quarter of 2021, they will grow by 13.8% and 13.8%, respectively, and record pre-tax income and
For the nine months ended September 30, 2021, the profit margin was USD 1.34 billion and 13.2%.
Excluding USD 29.2 million and USD 177.1 million of impairment, restructuring and
? Three and nine quarters post-retirement benefit plan settlement expenses
For the month ended September 30, 2020, our pre-tax income and
Profit margin increased by 241.0% and 630 basis points, and our nine-month period is over
On September 30, 2021, pre-tax income and profit margin increased by 173.0% and 590
Points compared with the same period in 2020.
A record-breaking quarterly earnings per share for the third quarter was $6.15
USD 15.35 for the nine months ended September 30, 2021 increased by more than 300%
? Compared with the same period in 2020. According to the non-recurring 2020
For the above expenses, we end the third quarter and nine months of September 30, 2021
Earnings per share increased by 232.4% and 170.2% year-on-year, respectively
We repurchased US$131 million and US$155 million in common stock
? The third quarter and nine months ending September 30, 2021, respectively
Repurchase shares of US$200,000 and US$300.2 million in 2020, respectively
We increased the inventory turnover rate to 4.9 times (in tons)
? For the nine months ending September 2021, exceeding our 2020 annual rate and
The company-wide turnover target is 4.7 times.
The following table lists certain income statement data as of September 30, 2021 and the third quarter and nine months of 2020 (in millions of U.S. dollars, some amounts may not be calculated due to rounding):
(1) Cost of sales for the third quarter and nine months ended September 30, 2020
Including (0.2) million U.S. dollars and 39.6 million U.S. dollars of inventory reserves
(2) Gross profit, calculated as net sales minus cost of sales, and gross profit
The profit margin calculated by dividing gross profit by net sales is non-GAAP
Financial indicators because they do not include depreciation and amortization expenses
Associated with the corresponding sales. About half of our orders are basic
The distribution of processing services is not performed. For the rest of us
For sales orders, we perform the "first stage" processing, generally not
Labor-intensive, because we just cut the metal to a certain size. because of this,
The amount of related labor and management expenses, including depreciation and
Amortization is not important and is not included in our cost of sales.
Therefore, our cost of sales mainly includes
The materials we sell. We use gross profit and gross profit as shown in the figure above
As a measure of business performance. Gross profit and gross profit margin
Are important operational and financial indicators because their fluctuations can
Have a significant impact on our earnings. Gross profit and gross profit
The margins presented are not necessarily the same as those of similar titles
Comparison of the third quarter and nine months ending September 30, 2021 with the third quarter and nine months ending September 30, 2020
The year-on-year changes in the sales prices of our main commodities are as follows:
Compared with the same period in 2020, the increase in the cost of sales in the third quarter and the nine months ended September 30, 2021 was mainly due to the increase in the average cost of sales per ton and the number of tonnages sold. For demand and cost trends of our products, please refer to "Net Sales" above.
Due to the significant increase in our pre-tax income, the income tax paid for the nine months ended September 30, 2021 was US$297.3 million, a significant increase from US$68.3 million for the nine months ended September 30, 2020.
As of September 30, 2021 and December 31, 2020, the outstanding balances of various industrial income bonds totaled US$8 million and US$8.3 million, respectively, with maturities until 2027.
As of September 30, 2021, before our $1.5 billion revolving credit facility expires on September 3, 2025, we have $911.5 million in debt due.
We complied with all financial maintenance contracts in the credit agreement on September 30, 2021.
We do not have any off-balance sheet arrangements or relationships with unconsolidated entities or financial partners, such as entities commonly referred to as structured financing or variable interest entities. These entities are usually narrow or narrowly established to facilitate off-balance sheet arrangements or other contracts. Limited purpose.
As of September 30, 2021 and December 31, 2020, our contingent liabilities under the standby letter of credit and guarantee are USD 30.9 million and USD 27.8 million, respectively. The letter of credit/guarantee is related to insurance policies and construction projects.
Contractual obligations and other commitments
Goodwill and other intangible assets
Key accounting policies and estimates
For the disclosure of the new accounting guidelines that have been issued or implemented, please refer to Note 2-"Impact of recently issued accounting guidelines" in the unaudited consolidated financial statements included in Form 10-Q in this quarterly report.
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