Harbin Posts $1.9M Loss For 3rd Quarter

NEW YORK (AP) — Harbin Electric Inc. said Tuesday it lost $1.91 million in its third quarter, hurt by a substantial charge, though adjusted results showed a net profit.

The Chinese maker of electric motors said its loss amounted to 7 cents per share for the three months ended Sept. 30. That compares with a profit of $7.75 million, or 34 cents per share, during the same period a year earlier. But the company narrowed its loss from the second quarter, when it reported a loss of $5.42 million, or 24 cents per share.

The latest results included non-cash and one-time items totaling a loss of $12.86 million, or 47 cents per share.

Excluding those items, Harbin reported adjusted net income of $10.95 million, or 40 cents per share, during the period, helped by higher sales. That compared with adjusted net income of $7.75 million, or 34 cents per share, in the year-earlier period.

Revenue rose 18 percent to $46.93 million from $39.66 million in the third quarter of 2008.

Analysts surveyed by Thomson Reuters, who typically exclude one-time items from their estimates, expected net income of 21 cents per share on revenue of $43.82 million.