APWR Had decent earnings and could head back to $10+ if the Market Stays strong...
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APWR A-Power Energy
APWR Had decent earnings and could head back to $10+ if the Market Stays strong...
SHENYANG, China (AP) -- Wind turbine maker A-Power Energy Generation Systems said Thursday that its first-quarter net income soared on one-time gains stemming from its acquisition of a Japanese solar company and the value of outstanding warrants.
The company also raised its 2010 revenue and profit forecast and shares spiked 12 percent in premarket trading.
A-Power reported net income of $29.3 million, or 64 cents per share, for the quarter ended March 31 compared with net income of $1.6 million, or 4 cents per share, in the year-ago period.
The company recorded a $13.6 million gain as part of last year's deal for Evatech Co. Ltd. for $49.9 million that allows A-Power to expand into the solar business. A-Power also benefited from a $14.2 million increase in the fair value of outstanding warrants.
Discounting the gain, the company said it would have had net income of $2 million for the quarter compared with $1.8 million in the year-ago period. Earnings per share would have been flat at 5 cents, with the company having more shares outstanding in the quarter than it did in the year-ago period.
Revenue, however, more than doubled to $67.3 million in the quarter from $31.2 million in the year-ago period.
The company said it now expects net income of $60 million, or $1.31 per share for the year on revenue of $500 million. Its old guidance had been $45 million in net income on revenue of $500 million.
Wall Street had expected net income of $1.11 per share on revenue of $387 million.
Sad that I didnt see your message early
Its gapping Up again this Morning but the Retail Sales Numbers were bad so Futures selling off.
