Fushi Copperweld (NASDAQ:FSIN), a Chinese copper wire manufacturer, posted a fourth quarter net loss on Tuesday, but still beat analyst earnings estimates on an adjusted basis.
For the fourth quarter ending December 31, the company reported a net loss of $2.4 million, or 6 cents per diluted share, mainly due to a $15.4 million non-cash accounting charge. That compared with earnings of $10.2 million, or 34 cents per diluted share, in the year-ago period.
Adjusted to exclude one-time items, earnings for the quarter were $13.4 million, or 35 cents per diluted share, topping analyst estimates by one cent.
Meanwhile, revenues rose 35.2% year-over-year to $69.9 million, in line with analyst expectations. Excluding its 2010 acquisition of Chinese cable manufacturer Dalian Jinchuan, revenue growth would have been 21.8%.
"Our 2010 fourth quarter and full year results came in as expected and reflect strong performance in a shifting market driven by infrastructure spending priorities and volatile raw material pricing,” said Fushi’s co-CEO, Joe Longever.
Gross margin, however, fell to 31.8% from 33.4% due to lower gross margin at Dalian Jinchuan.
For the entire 2010, Fushi reported earnings of $31.9 million, or 85 cents per diluted share, up from earnings of $21.9 million, or 76 cents per diluted share, in 2009. Revenues were $265.0 million, up 44.8% from $182.9 million.
At year-end, the company had $123 million of cash, and long-term debt of $5.7 million.