Gushan Environmental (GU) Tops Estimates

Gushan Environmental (GU), China’s largest producer of biodiesel topped estimates this morning with a non GAAP EPS of .23/share, edging out estimates of .22/share for an increase in 64% over the year ago period.  Revenues came in ahead of estimates as well with 58.3 million in the quarter, a jump of about 35% over the year ago quarter.

“Gushan continued to deliver growth during the second quarter of 2008 as production ramped up at our Beijing plant and despite a two-week shutdown of Gushan’s Sichuan plant following the tragic May 12 earthquake,” said Jianqiu Yu, Chairman and Principal Executive Officer of Gushan. “Our growth momentum is set to continue with the commencement of production at our new Shanghai plant at the end of June, bringing Gushan’s total annual biodiesel production capacity to 290,000 tons. With plans to raise the company’s annual biodiesel production capacity to 400,000 tons by the end of 2008 and 600,000 tons by the end of 2009, Gushan is well positioned to help meet continued and anticipated increased demand for diesel in China.”

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