Ossen Innovation Projects Slight Increase In Revenue For FY20 - Quick Facts

(RTTNews) - Ossen Innovation Co., Ltd. (OSN) announced that preliminary revenues for the full year 2020 are $139.0 million, compared to $138.9 million, last year. The company said the expected slight increase in revenue is primarily due to an increase in sales of zinc coated prestressed products, partially offset by a decrease in sales of rare earth coated prestressed products.

Preliminary gross profit attributable to company for the full year 2020 are $23.9 million, compared to $22.4 million, prior year. Gross margins are expected to show a 113-basis points improvement, primarily due to the improvement of the profitability of zinc coated prestressed products in 2020, the company said.