China Ritar Power Profits And Sales Fall (CRTP)

China Ritar Power Corp. CRTP on Monday morning released financial results that missed Wall Street expectations. China Ritar Power Corp reported that its 3rd quarter net income fell 48.2% to $1.7 million, or 8 cents per share, down from $3.3 million, or 17 cents per share, a year earlier. The company's revenue fell 4.75% to $31.55 million, down from $33.12 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 14 cents per share, on revenue of $37.85 million. Chairman and CEO Jiada Hu said, "We are not satisfied with our financial results for the quarter. Looking forward to 2011, we will implement measures to improve our operational efficiency, control our cost and improve the R&D efforts. The demand for stationary lead acid battery remains at a strong level, both in the developed and emerging markets. China Ritar is at a strong position to strengthen our market position in 2011 and beyond." China Ritar Power Corp. (CRTP) ended the previous trading session at $3.04 per share. Analysts covering the company's stock have a consensus price target of $7.17 per share. Read more from Benzinga's Company news.