By Connor Hart
Shares of Greenland Technologies jumped after the company swung to a profit in 2024.
The stock climbed 67%, to $2.20, in after-hours trading Wednesday. Shares have lost 43% of their value in the past year.
The company--which develops and manufactures electric-industrial vehicles and drivetrain systems for material-handling machineries and vehicles--posted a profit of $15.2 million last year, compared with a loss of $25 million a year earlier.
Annual earnings came in at $1.03 a share in 2024, compared with a loss of $1.20 a share in 2023.
Operating expenses fell 28%, which the company said helped it achieve profitability and demonstrates its commitment to cost efficiencies.
Revenue fell to $83.9 million from $90.3 million. The decrease was primarily due to fewer sales, though exchange rates also dinged results, the company said.
"While we were impacted by broader market and economic challenges along with our customers, we are definitely encouraged by the relative stability of our revenue and resiliency of our business," Chief Executive Raymond Wang said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
March 26, 2025 17:50 ET (21:50 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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