Thursday, A-Power Energy Generation Systems Ltd. (APWR), a provider of distributed power generation systems in China, posted lower profit in the second quarter on declined sales, hurt by the delays in DG projects. Further, the company reaffirmed financial results for fiscal 2009.
The Shenyang, the People's Republic of China-based company's second-quarter net income attributable to A-Power Energy Generation Systems Ltd. was $6.25 million or $0.14 per share, compared to $6.23 million or $0.18 per share in the prior-year quarter.
On average, 3 analysts polled by Thomson Reuters expected the company to post earnings of $0.20 per share. Analysts' estimates typically exclude special items.
Quarterly revenues declined to $57.5 million from $65.7 million in the same quarter of last year, primarily due to the delays in some DG projects due to the complexity of designing customized micro grid electricity generation systems using biomass as fuel. Three Wall Street analysts had a consensus revenue estimate of $73.70 million for the quarter.
The company noted that its customer deposits rose to $45.1 million from $26.9 million reported in the preceding first quarter of fiscal 2009.
For the six-month period, the company reported net income attributable to A-Power Energy Generation Systems Ltd. of $7.82 million or $0.19 per share, compared to $9.09 million or $0.34 per share in the year-ago period.
Revenues for the six months ended June 2009 totaled $88.7 million, compared to $98.1 million reported in the corresponding period of the previous year.
Looking ahead, the company reaffirmed its revenue and after-tax net income guidance for 2009 of $320 million and $32 million, respectively. Wall Street analysts have a consensus revenue estimate of $349.67 million for the full year. These forecasts are based on the company's current DG contracts, which are subject to change when it signs new DG contracts and/or recognizes revenues from wind turbine sales during 2009.
APWR closed Wednesday's regular trading session at $9.62. In the pre-market session, shares are currently trading down $1.40 or 14.55% at $8.22.
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