NF Energy
NF Energy-saving Corporation of America was listed on NASD OTCBB stock market. (Trading Symbol: NFES.OB). The Company operates its business through its wholly owned subsidiary in China, Liaoning Nengfa Weiye Energy Technology Co., Ltd., which principally focus on manufacturing energy-saving equipments and new energy facilities, contracting with energy-saving & pollution reduction Turn-Key project, and operating Energy Management Contract (EMC) projects.
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NF Energy Saving shares down as Q4 earnings slide
NF Energy Saving Corp. (NASDAQ:NFEC), a Chinese manufacturer of energy-saving flow control equipment, said Friday that fourth quarter earnings dropped 64% due to disruptions resulting from the company's move to a new manufacturing facility.
For the three months ending December 31, the company had net income of $0.5 million, or 9 cents per diluted share, down from profits of $1.4 million or 25 cents per diluted share, in the year-ago period. Revenue rose 42% year-over-year to $7.3 million - still well below analyst estimates.
According to Thomson Reuters, analysts expected earnings of 33 cents per share on revenue of $10.4 million.
"Although the company's total revenue and profitability for the second half of the year was adversely affected by our move to our new facility...we weigh this against the potential of our new facility that has the ability to eventually triple our production capacity to 20,000 tons per year," said CEO Gang Li.
For the full 2010, the company reported lower net income of $4.3 million, or 79 cents per diluted share, compared to profits of $4.8 million, or 90 cents per diluted share, in 2009.
NF Energy re-iterated its 2011 guidance of between $30.0 to $32.0 million in revenue, also considerably below the analyst forecast of $35.7 million. Net income is anticipated in the range of $6.0 to $6.5 million.
Since the announcement, the company's shares fell 6.5% to $3.29 as of 2:26 pm EST.
Other NF Energy news
- NF Energy signs contract with Fuxin HF Bio-energy for energy savings project in China
2010-09-15 - NF Energy expects to increase revenue by at least 33% in 2010
2010-04-21 - NF Energy expects to benefit from Chinese policies for energy
2010-04-14 - NF Energy expects 2009 earnings to soar 250% as revenues climb 28%
2010-02-26 - NF Energy Saving named among Top 20 energy saving companies in China
2010-02-03
