SmartHeat Inc. Reports Q4 Revenues of $41.79M

SmartHeat Inc. HEAT today announced record financial results for the year ended December 31, 2010.

In the fourth quarter of 2010, total sales increased 60.61% to $41.79 million compared to $26.02 million in 4Q09.

Net income in the fourth quarter totaled $6.50 million, up 122.26% from $2.92 million in 4Q09. The higher net income was driven primarily by increased sales from PHEs and PHE units. Earnings per share for 2010 increased by $0.10 per share.