China Wind Systems (CWS) Reports Solid Growth

China Wind Systems (CWS) reported strong Q4 results this morning with an adjusted EPS of $0.11 on revenues of $15.9 million.  That’s a 37% and 47% bump in earnings and revenues over the year ago period.  It should be noted that revenue related specifically to its wind energy business grew 327% over the year ago quarter to $6.8 million, so the company now gets nearly half its revenue from wind energy related business.

CEO Jinahua Wu commented: “This was a landmark year for China Wind Systems. We started production of our new forged products facility in March 2009 and won a number of sizable contracts for our forged products with customers in the wind power industry and other industries, resulting in substantial earnings growth.  In October 2009, we announced our plans to expand our forged products facility to manufacture electro-slag remelted forged products for the high performance components market of the wind power industry, which we completed in March 2010. We have also listed our shares on the NASDAQ Global Market, further elevating our profile in the investment community.”

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He also commented on the China wind energy market and the move to 5MW turbines, saying, “.. as the trend in China’s wind power industry shifts towards producing larger 5MW offshore and near-shore wind turbines, we expect that, given our strategic positioning as a large precision forged rolled rings provider, we will be able to meet our 40,000-ton production capacity target and deliver 4,000 tons of ESR product in 2010.”

Shares of CWS are trading flat today.




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