SmartHeat (HEAT) investors could use some good news.  They have been burned in recent months with the stock dropping from a high of $18.60 in January to below $6 last week.  The company provided some this morning, beating analyst estimates of .03/share by posting .05/share on revenues of $9.4 million.  That’s a 50% revenue bump over the year ago quarter, but the EPS is flat, so even though HEAT beat, the growth stalled out.  The good news for current holders of the stock, is that has probably been priced in fully at this point and this is still a company that has been posting good growth for several years and that’s expected to continue. 

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The company sees positive signs in China’s energy saving industry and anticipate continued momentum throughout the year. They have reaffirmed guidance for 2010 of $106 – $116 million in revenue and $20 – $22 in net income

CEO James Jun Wang commented on the opportunities: “We are excited to announce our strong financial performance for our first quarter, which has historically been the slowest quarter of the year. China’s energy savings industry is witnessing unprecedented development opportunities and support from the Chinese government. In 2010, the Government has continued to maintain our energy saving sector as a strategic industry and continues to provide significant funding through government initiatives. The recovery of China’s economy and the Government’s requirements to implement energy savings and emission reduction has increased our industrial and consumer-based customer demand for equipment that utilizes energy savings, for which we are a primary beneficiary. SmartHeat is well positioned to reap significant benefits from the world’s transition to cleaner technologies and energy saving equipment.”

Shares aren’t moving in pre-market trading.