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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV