This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

China Valves Net Income Up 123 Pct In 1st Quarter

NEW YORK (AP) â¿¿ China Valves Technology Inc. said profit more than doubled in the first quarter as it sold more of its large metal valves to power plants.

The company, based in Kaifeng, China, said it earned $6.6 million, or 19 cents a share, in the three-month period ended March 31. That's up from $3 million, or 10 cents a share, in the same period a year earlier.

Adjusted to exclude non-cash items related to the change in fair value of derivatives and other items, income was $7 million, or 20 cents per share, matching the average forecast of analysts polled by Thomson Reuters.

Revenue rose 55 percent to $26.8 million, missing the analyst forecast at $30 million.

The company said it aims to expand beyond its primary markets, power plants and water supply systems, into the petroleum and nuclear sectors. The $21 million acquisition of Shanghai Pudong Hanwei Valve Co. closed in April and should help China Valves broaden its reach, it said.

The company said it's still comfortable with it previous forecast of $40 million in net income for 2010.
Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
CVVT $0.26 -13.33%
AAPL $125.44 0.73%
FB $85.77 -0.04%
GOOG $520.60 -0.18%
TSLA $268.36 2.40%

Markets

DOW 17,619.51 +23.16 0.13%
S&P 500 2,062.88 +5.24 0.25%
NASDAQ 4,986.8670 +28.3990 0.57%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs