China Ming Yang Wind Power Group (MY) reported strong Q4 2010 earnings results this morning, smashing estimates in the process. The company reported an EPS of .28/share on revenues of $260 million. That was well ahead of the analysts consensus estimate for .15/share on revenues of $221 million. The quarter was a huge improvement over the year ago quarter with a more than 5 fold jump in revenues. It also marks the 4th straight quarter of sequential growth in both earnings and revenues. Very impressive.
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Here are some highlights of comments made by CEO Chuanwei Zhang:
– pricing remains challenging, but company doing a good job of cutting costs, increasing gross margins in the process
– with strong order backlog, on pace to fulfill 2011 goals
– wants to further integrate upstream capabilities through acquisition
– looking to focus more on opportunities in North American market
– the China wind market continues to enjoy rapid growth
For the full year 2011, the company is reiterating its target to commission about 1400 units of the 1.5MW WTGs and 100 units of the 3MW WTGS for a total of of 2400MW. In 2010 the company commissioned a total of 1200MW, so another strong year predicted for China Ming Yang.
4 Analysts have targets of $15 +. George Soros owns 300k shares. As noted they beat estimates of .15 cents with a number of .28. China is improving their alternative energy growth.