RINO International (RINO) beat analyst estimates after the bell today and reaffirmed guidance.  The company posted a Q2 non-GAAP EPS of $0.54, 12 cents better than the analyst estimate of $0.42 on revenue of $65.4 million, which was better than the estimate of $50.93 million.  That represents quarter over quarter growth of 35% on the EPS side and 61% on the revenue side.

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Here are some highlights of comments made by CEO Dejun Zou:

“The robust year-over-year revenue increase was primarily driven by steady growth in our two main business segments, core flue gas desulphurization and waste water treatment systems.”

“China’s clean technology industry is growing rapidly with government support. Policies and guidelines that call for increasingly stricter standards for industrial waste treatment continuously drive up demand for a greater scope of treatments as well as volume.”

Looking ahead, the company has reaffirmed guidance and expects revenues to be in the range of $221 – $229 million, representing an increase of 15 – 19% over 2009.

Shares of RINO are trading up about 1% in after hours trading and technically have looked increasing bullish in recent weeks, trading above the 50 day moving average for about a month.  It appears the bottom in is on RINO around the lows last May and there is a good chance of the stock working its way up the right side of a long base in the months ahead.