SmartHeat (HEAT) Misses Estimates, Sees Strong 2010

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10:20:26 am on March 31, 2010

SmartHeat (HEAT) posted huge quarter over quarter growth this morning, but that’s compared to an unusually weak Dec 08 quarter and the company missed analyst estimates of .14/share by posting an adjusted EPS of .10/share.  Revenues came in at $26 million.  No question, it was a real good quarter from HEAT, but traders were looking for more with the stock down 12% today. 

CEO James Wang commented on the industry and economic conditions: “China’s energy savings industry continues to be supported by the Chinese government and receives significant funding through government initiatives. In addition, China’s economic rebound in the fourth quarter has created a positive environment for growth in 2010 as we expect significant benefits from the continued transition to cleaner technologies and energy saving equipment.”

Shares of HEAT are testing support of the 200 day moving average today and holding up reasonably well.

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