China Valves 2nd-quarter Net Income Rises Sharply
NEW YORK (AP) â¿¿ China Valves Technology Inc. said second-quarter net income rose sharply, boosted by both acquisitions and increased demand from the Chinese government.
The nation's centralized government is pushing aggressively for rapid industrialization and major infrastructure projects, China Valves said.
Market approval of the company's high temperature high pressure power station gate valves and two-way metal sealing butterfly valves also boosted sales.
Net income rose to $14.9 million, or 41 cents per share, from $140,530, or a penny per share, last year.Excluding a one-time items related to a change in fair value of warrant liabilities, net income totaled 39 cents per share, compared to 25 cents per share last year. Revenue nearly doubled to $49.3 million from $24.9 million last year. That was mainly due to recent acquisitions of Yangzhou Rock Valve Lock Technology Co. Ltd., Able Delight Valve Co. Ltd. and Shanghai Pudong Hanwei Valve Co. Ltd. The company said it had a backlog of about $87.9 million in orders at the end of July. "Integrating our newly acquired subsidiaries and consolidating their sales is our key focus for the remainder of 2010," said CEO Siping Fang.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $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
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV