China Ming Yang Wind Power (MY) Smashed Estimates, But Still Sinking To New Lows

China Ming Yang Wind Power (MY) just can’t please anyone.  The company absolutely destroyed the analyst predictions for EPS and revenues last night, but yet the stock is sinking to another new low today.  Perhaps there is more than meets the eye.  The company posted an EPS of .27 which was well ahead of the analyst estimate for just .09/share and 69% above the year ago number.  They beat by a wide margin on the revenue side too posting $213 million vs the analyst estimate for $137 million.  Add to that improved gross margins and solid guidance and I don’t understand the lack of buy interest.  The exact same thing happened when they smashed estimates last quarter.  Perhaps someone much smarter than I am out there has an answer.  I’d love to hear it.

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Here are highlights of comments made by CEO Chuanwei Zhang:

– despite challenging pricing environment, blended pricing remained favorable

– expects China wind market to continue with strong growth due to govt support and policies

– with the Japan disaster, believes wind energy will get a longer look

– for the full year company expects revenue from WTG’s for wind projects totaling 2.3 to 2.4GW

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