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Cleantech Solutions (CLNT) – Comments & Business Outlook
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Revenue for the third quarter of 2012 increased 48.5% to $17.3 million, compared to $11.7 million for the same period of 2011. Sequentially, revenue increased 35.2% compared to the second quarter of 2012.
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Net income for the third quarter of 2012 was $2.4 million, or $0.88 diluted earnings per share, compared to $1.1 million, or $0.46 diluted earnings per share, in the third quarter of 2011.
Business Outlook
“We had a very successful quarter, despite the significant challenges that are facing both the wind energy and the solar industry in the near term. Growth of our forged products for non-wind applications has been very strong, and we are exploring additional markets, including petroleum and petrochemical industries. We are also excited about the new opportunities presented in China‘s solar industry, which is expected to undergo some major change following recent supportive government policies, and we are also expanding our range to include high performance components for production equipment targeting smart phones and LED lighting. In the dyeing and finishing equipment segment, we are benefiting from a major upgrade cycle, as manufacturers embrace our more energy efficient and environmentally friendly technology. We anticipate strong growth potential in 2013 with the expected launch of our new after-treatment equipment, which is in the late stages of research and development.
“Thanks to improving volumes and strong expense controls, our margins improved dramatically in the third quarter. In the next few quarters, we continue to foresee a slight increase in our margins, as raw material costs are not expected to have great fluctuations given the general weak economy. We have been generating positive cash flow from operations and believe they are sufficient to fund our new product development initiatives,” Mr. Wu concluded.
2012-11-13 23:00:08
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