China Wind Systems, Inc. reported net income of $1.9 million, or $0.08 per diluted share, in the first quarter of 2010. The company reported net income of $0.64 million, or $0.03 per diluted share, in the same quarter of 2009.
China Wind Systems, Inc. also reported a large increase in revenue on a year over year basis. The company saw its revenue in the first quarter of 2010 increase to $16.8 million, up from $7.9 million in the same quarter of 2009.
China Wind Systems, Inc. attributed the much improved results to higher sales of forged products to the wind power industry, and an improvement in sales of dyeing and finishing equipment.
Jianhua Wu, the CEO of China Wind Systems, Inc., said, “We are energized by the strong business momentum that marked the first quarter of 2010. Given that China is expanding its wind energy capacity more than any other country in the world, we believe that demand for our forged components will continue to demonstrate high growth, particularly with our newly launched super-strength ESR products.”
China Wind Systems, Inc. ended the quarter with cash and cash equivalents of $ 2.5 million, and debt of $1.76 million.
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