China Ming Yang Wind (MY) Misses On EPS

China Ming Yang Wind (MY) is reporting earnings results this morning that missed analyst estimates on the EPS side, but slightly ahead on the revenue side.  The company reported an EPS of .13/share (vs estimates for .16/share) on revenues of $299 million (vs estimates for $297 million).

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Here are highlights of comments made by CEO Chuanwei Zhang:

– 28% year over year growth in revenue, 55% growth in wind power output
– entered into new sales contracts totaling 295.5MW in the quarter
– China wind industry shifted from size and speed to quality and efficiency & from government led to market led
– financing from China Development Bank always a possibility to fund expansion
– company expects full year wind power output of 1.8GW – 2GW.

Shares of MY have been in steep decline from the day it began trading in the US and remains technically weak, trying to find a bottom.  I don’t see any definitive signs that a bottom is in place yet and that analysis won’t change until I see a heavy volume move above at least the $3 level. 

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