Cleantech Solutions International Inc (CLNT) Wednesday released the financial results for the first quarter endedc31stMarch 2012, reporting a sharp drop in net income for the quarter on lower revenues.
The manufacturer of metal components and assemblies reported net income for the first quarter of $0.30 million, or $0.12 per diluted share, sharply down from net income of $2.70 million, or $1.04 per diluted share, reported for the corresponding quarter last year.
Excluding special items, non-GAAP net income for the first quarter declined to $0.50 million, or $0.21 per diluted share, from $2.70 million. Or $1.04 per diluted share, reported for the year-ago quarter.
Revenue for the first quarter plunged by 46.4% to $9.40 million from $17.60 million reported for the same quarter last year.
"In the first quarter, we experienced soft demand for our forged rolled rings and other related products due to challenging economic conditions and reduced demand for capital equipment, resulting in part from difficulties experienced by our potential customers as a result of restrictive monetary policies which also continued to affect sales of our dyeing and finishing equipment. …..," commented Mr. Jianhua Wu, Chairman and Chief Executive Officer of Cleantech Solutions.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.