China Wind Systems Inc., a leading supplier of various forged components primarily to the wind power and textile industries in China, today announced guidance for fiscal year 2010, posting its expectation for significant increases.
The Company said it expects 2010 revenues between $76.5 million and $85 million, a 43 percent to 59 percent increase from $53.5 million reported in fiscal 2009. EBITDA is expected to range between $22.7 million and $25.2 million, representing a 106 percent to 129 percent increase compared to $11.0 million reported in fiscal 2009. Adjusted net income, which excludes non-cash expenses related to convertible securities and warrants, is anticipated to be between $15.5 million and $16.3 million, representing an increase between 99 percent and 109 percent, compared to $7.8 million reported in fiscal 2009.
China Wind Systems is basing its guidance on anticipation of stronger demand for both its traditional forged products and ESR forged products in 2010; company management also expects stronger sales of precision forged products used in large wind turbines, with revenue from its wind industry segment expected to increase by approximately 75 percent.
Additionally, the company said it expects its dye machine segment to recover in 2010 on the tail of the industry’s recovery in early 2010.
“We are pleased to see a healthy flow of customer orders in early 2010,” Jianhua Wu, chairman and CEO of China Wind System stated in the press release. “As our forging facility becomes more efficient, we anticipate improvement in our profit margins. We believe we have the right strategy in place to cater to the rapidly growing wind power industry in China.”
For more information visit www.chinawindsystems.com
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