Smartheat (HEAT) Beats & Raises Guidance

SmartHeat (HEAT) posted results after the bell and beat estimates by a bit with an EPS of .34/share vs the analyst estimate of .32/share on revenues of $51.50 million vs the estimate of $50.50 million.  While the revenue number represents a 36% jump over the year ago quarter, the EPS number was 6% shy of the year ago quarter, so not a great quarter but a beat nonetheless.

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Mr. James Jun Wang, Chairman and Chief Executive Officer of Smart Heat Inc., commented: “We are quite pleased to see the significant business expansion to West China and are very satisfied with the growth across all our existing business lines and the benefits we expect to receive from investments made to expand our sales and distribution channels.  Government requirements to implement energy savings and emission reduction have increased the demand for our energy-saving products in all industrial sectors. Taking advantage of economic development in West China and urbanization trends throughout China will be continue to be part of our long-term strategy. Based on the successful expansion to West China’s market and some second and third tier cities, SmartHeat is well positioned to reap significant benefits.”

Looking ahead, the company is raising its full year 2010 revenue guidance from $106 – $116 million to $110 – $120 million and is estimating revenues for 2011 at $135 – $160 million.  Analysts predict revenues of $117 and $154 million respectively.  Shares are down fractionally after hours.

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