China Electric Motor said late Friday it had second-quarter earnings of 20 cents a share on revenue of $25.3 million, coming in ahead of the consensus target for earnings of 15 cents a share on revenue of $22.1 million.
China Electric Motor, which held its initial public offering earlier this year, said it expects to earn 20 cents to 22 cents a share in the third-quarter on revenue of $30 million to $31.5 million. For the full year, China Electric Motor said it expects net income in a range of $17.2 million to $18.5 million on revenue of $110 million to $120 million, noting a delay in the government approval of the company's tax reduction application in 2010.
Shares of China Electric Motor jumped by 24 cents, or 4.9%, to $5.12 in Friday's after-market trading session. The average daily share volume for China Electric Motor is 101,000.Elsewhere, Lattice Semiconductor (LSCC) slumped by 30 cents, or 5.5%, to $5.14 in Friday's late trading session after the company said CEO Bruno Guilmart has resigned effective Sept. 4 to pursue other opportunities. Christopher Fanning has been appointed as interim CEO. The average daily share volume for Lattice Semiconductor is 2.26 million. Vantage Drilling (VTG) may see increased volume after the company posted a second-quarter loss of 3 cents a share on revenue of $68.35 million, compared to the consensus estimate for earnings of a penny a share on revenue of $62.67 million. The average daily share volume for Vantage Drilling is 3.19 million. The stock closed Friday at $1.36. -- Written by Robert Holmes in Boston. Check out all of Monday's high-volume, under-$5 stocks at the Dollar Store. View the Dollar Store portfolio on StockPickr. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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