China Clean Energy Inc. (CCGY) Reports Financial Results and Updates Guidance

By @ibtimes on

China Clean Energy Inc. reported strong year over year increases in sales and net income for the fourth quarter of 2010 and full year. The company also released guidance for 2011 on sales and operating income.

China Clean Energy Inc. attributed the strong results to an increase in sales volume and average selling prices enabled by an increase in capacity and strong demand for its products.

China Clean Energy Inc. reported sales of $18.1 million in the fourth quarter of 2010, compared to $4.9 million in the fourth quarter in 2009. Sales for all of 2010 totaled $59.0 million, compared to $15.9 million in 2009.

China Clean Energy Inc. reported net income of $2.2 million, or $0.07 per diluted share, in the final quarter of 2010. The company had net income of $0.6 million, or $0.02 per diluted share, in the fourth quarter of 2009. In 2010, China Clean Energy Inc. earned net income of $6.4 million, or $0.20 per diluted share, compared to a net loss of $0.3 million, or $0.01 per diluted share, in 2009.

China Clean Energy Inc. also issued guidance for 2011, and expects to earn operating income of $14 million on sales of approximately $75 million.

For more information on the company, go to www.chinacleanenergyinc.com

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