Benzinga | Jul 6, 2021 05:04PM EDT

Hollysys Sees FY21 Revs $560M-$595M Vs $547.8M Est

Outlook

"The Company provides an update on its financial outlook for the year ended June 30, 2021 ("FY2021"), an update from the outlook provided on August 13, 2020.

"Based on the preliminary financial estimates, the Company expects to achieve revenue of approximately $560 million to $595 million in FY2021, representing 11% to 18% growth year-over-year. The Company believes its industrial automation business is expected to increase by more than 30% year-over-year.

The preliminary estimates presented herein are based on the Company's reasonable estimates and the information available to it at this time. As such, the Company's actual results may materially vary from the preliminary estimates presented herein and will not be finalized until the Company reports its final results for FY2021 after the completion of its normal quarter-end and fiscal year-end accounting procedures including the execution of its internal controls over financial reporting. These estimates should not be viewed as a substitute for our full year-end results prepared per US GAAP. Accordingly, one should not place undue reliance on these estimates."