NEW YORK (TheStreet) -- Shares of Kandi Technologies (KNDI) - Get Report were falling 19.3% to $8.71 with heavy trading volume on Monday after the electric vehicle products maker reported its third quarter financial results.
Kandi reported earnings of 13 cents a share for the third quarter, up from 12 cents a share in the year-ago quarter. The company saw revenue of $50.5 million in the quarter, a 14.3% increase from $49 million in the third quarter of 2014.
Analyst estimates were not available for the quarter.
The EV products maker said electric vehicle parts sales grew 35.7% year over year to $49 million in the quarter, up from $36.1 million. Kandi sold a total of 6,004 EV products in the third quarter, a 208% increase from the year-ago quarter.
"The third quarter performance underscores our tremendous growth in EV parts and EV sales as we became China's top seller for EV products in September," Chairman and CEO Hu Xiaoming, said in a statement. "During the third quarter, we obtained the approval for a vehicle purchase tax exemption for Kandi Cyclone ('K17'), while launching a successful promotion in Beijing and Shanghai. The initial market response has been extremely positive, and we believe K17 will become the Company's key driver for growth over the next year."
Looking to the fourth quarter, Kandi said it expects revenue of $54 million to $56 million. The company expects to ship 8,000 to 10,000 EV products in the quarter.
About 1.5 million shares of Kandi were traded by 10:41 a.m. Monday, above the company's average trading volume of about 539,000 shares a day.
TheStreet Ratings team rates KANDI TECHNOLOGIES GROUP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
We rate KANDI TECHNOLOGIES GROUP (KNDI) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, unimpressive growth in net income and poor profit margins.
You can view the full analysis from the report here: KNDI
Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.