09:47 AM EDT, 08/16/2024 (MT Newswires) -- Greenland Technologies Holding ( GTEC ) shares were up more than 9% in recent early Friday trading after the company reported Q2 net income late Thursday of $0.34 per diluted share, up from $0.18 a year earlier.

A single analyst polled by Capital IQ expected $0.03.

Revenue for the quarter ended June 30 was $23 million, down from $23.6 million a year earlier.

A sole analyst surveyed by Capital IQ expected $24 million.

The company also said its board has decided to cancel the planned spin-off of its drivetrain systems business which it had announced in February.

Price: 1.62, Change: +0.14, Percent Change: +9.46