SmartHeat (HEAT) Sales And Profit Surge

SmartHeat Inc.

on Tuesday morning released financial results that beat Wall Street expectations. SmartHeat Inc. reported that its 1st quarter profit surged 67% to $1.7 million, or 5 cents per share, up from $1 million, or 4 cents per share, a year earlier. Revenue growth at the Chinese maker of temperature meters was also strong, jumping 51% to $9.4 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 3 cents per share, on revenue of $8.8 million. SmartHeat Inc. repeated earlier full-year guidance, saying its net income would be in the range of $20 million to $22 million, on revenue in the range of $106 million to $116 million.