New Energy Systems (NEWN) Raises Guidance, Sees Strength In iPhone, iPad, iPod Products

Posted by | # |
07:21:42 pm on December 8, 2010

Shares of New Energy Systems (NEWN), a China lithium battery play, got a nice pop today on news the company has raised guidance roughly 10% which they feel is still conservative.  Here’s how it breaks down.

2010 revenue guidance raised from $88 million to $95 million
2010 adjusted net income raised from $15.6 million to $18 million
2010 adjusted EPS raised from $1.23 to $1.40.

==> Click Here For Your FREE Daily New Energy Systems Analysis

While the company didn’t give specific guidance for next year, they did say they expect strong growth, driven by the Anytone product line and the suite of products for the iPhone, iPad and iPod.

CEO Jack Yu commented:  "We are experiencing good momentum as the use of portable electronics devices such as those made by Apple and RIM drive demand across all our product lines.  To a small extent our increased guidance also reflects the accretive impact of the Kim Fai acquisition which we closed on November 10, 2010.

Shares of NEWN finished up nearly 6% today, erasing much of the damage from yesterday, but remain in digesting mode after the big run in early November.  A very compelling lithium battery play, that remains bullish on the daily chart.

Tags: ,
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.


No comments yet.

Leave a comment