Valence Technology rallies, expects higher Q1 revenue
Valence Technology (NASDAQ:VLNC) announced Monday that it has raised its guidance for its first quarter, due to significant shipments to Smith Electric Vehicles.
Valence said that it expects fiscal 2012 first quarter revenue of between $13.5 to $14 million, way up from its original forecast in May of $8.5 to $10.5 million. Analysts estimated $12.5 million in sales.
The energy storage services company said that in addition to significant shipments to Smith Electric Vehicles, it noticed a positive trend in orders from both existing and new customers.
Austin, Texas-based company intends to release its first quarter results on Aug. 3, after markets close.
"Valence is well positioned in pursuing a broad base of emerging worldwide markets. In addition, due to our experience and vertical integration Valence can quickly scale as markets mature and grow," said CEO Robert L. Kanode.
Valence Technology makes, develops and sells energy systems utilizing its phosphate-based lithium-ion technology. It operates in five markets: motive, stationary, industrial, military and marine. Since 2005, 150 megawatt-hours of advanced energy storage solutions have been shipped.
In morning trade, shares in the company rose 7 cents, or 6.80% to trade at $1.10.
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