Full Truck Alliance Q2 Earnings Climb Above View; Expects Q3 Revenue To Improve

(RTTNews) - Full Truck Alliance Co. Ltd. (YMM), a Chinese online commercial freight platform for shippers and truckers, on Wednesday reported an increase in earnings for the second-quarter, helped by a rise in revenue, driven by revenue growth from freight matching services.

For the three-month period to June 30, the firm posted a net income of RMB823.134 million or RMB0.04 per share or $0.01 per share, higher than RMB605.537 million or RMB0.03 per share, recorded for the same period in the previous year.

Earnings per ADS moved up to RMB0.79 from last year's RMB0.57 per ADS.

Excluding items, income was at RMB 953.482 million or RMB0.05 per share or $0.01 per share, compared with RMB719.210 million or RMB0.03 per share a year ago.

On average, three analysts polled by Thomson Reuters had expected the company to earn $0.13 per share, for the quarter. Analysts' estimates typically exclude special items.

Adjusted income per ADS stood at RMB0.91, higher than RMB0.68 per ADS in the prior year period.

Income from operations increased to RMB565.367 million from RMB333.789 million in 2023.

Excluding items, operating earnings were at RMB698.970 million, versus last year's RMB450.717 million.

Revenue was RMB2.764 billion, up from RMB2.062 billion a year ago.

Revenues from freight matching services were RMB2.328 billion, representing an increase of 34.4 percent from RMB1.732 billion in the same period of 2023.

The increase was mainly due to a significant rise in transaction service and the continued growth in freight brokerage service.

Looking ahead, for the third-quarter, Full Truck expects its revenues to be in the range of RMB2.76 billion to RMB2.82 billion, representing a year-over-year growth of around 21.9 percent to 24.6 percent.