CELM - Reported after the close Friday. China Electric Motor nearly doubles profit. On Friday August 6, 2010, 6:50 pm EDT
NEW YORK (AP) -- China Electric Motor Inc., which makes parts for household appliances, autos and consumer devices, said Friday that its second-quarter profit nearly doubled.
The company, which is based in China and had its initial public offering earlier this year, earned $4.1 million, or 20 cents per share, during the three-month period.
That compares with last year's net income of $2.1 million, or 17 cents per share, the previous year.
Revenue climbed 13.3 percent to $25.3 million, up from $22.3 million last year as customers bought more expensive products.
Also Friday, China Electric Motor said it expected to earn between $4.3 million to $4.7 million during the third quarter. That would put its per-share net income between 20 cents and 22 cents. It anticipates third-quarter revenue of $30 million to $31.5 million.
For the full-year, the company said it expects to earn between $17.2 million and $18.5 million for the year with revenue between $110 million and $120 million.
China Electric Motor shares rose 13 cents, or 2.8 percent, to close at $4.88 on Friday
