China Wind Systems (CWS) Reports Mixed Results, Lowers EPS Guidance

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09:27:32 am on November 16, 2010

China Wind Systems (CWS) has reported earnings results this morning that might disappoint traders and send the stock lower, but there is support around the $4.50 level, so the stock remains bullish if it can hold that level today.  The company beat analyst estimates on the EPS side reporting .12/share vs the estimate for .11/share on revenues of $21.3 million which misses the analyst estimate for $22.3 milion.

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“In the third quarter of 2010, we achieved significant progress in terms of new orders for our wind power business,” commented Mr. Jianhua Wu, Chairman and CEO of China Wind Systems, Inc. “In keeping with our aim to supply high quality components to the renewable energy sector, we recently expanded into the solar market as supplier of precision components for solar cell manufacturing equipment with a $1 million conditional purchase order. We expect to receive increased interest from renewable energy players, which will be an important driver for China Wind’s future revenue and net income growth.”

Looking ahead, the company is maintaining its 2010 revenue outlook of $76.5 – $85.00 million but is lowering its net income estimate from $15.5 – $16.3 million to $12 million due to a new facility taking longer than expected to achieve gross margin goals.

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