New Energy Systems Group reported a strong year over year increase in sales and earnings in the first quarter of 2011. The company also confirmed financial guidance for 2011 and provided an update on business trends for the year.
New Energy Systems Group reported sales of $27.1 million in the quarter ending 3/31/2011, a 20% increase over the $22.5 million of sales reported for the same quarter in 2010. The company reported net income of $5.5 million, or $0.38 per diluted share, in the most recent quarter, compared to $3.8 million, or $0.30 per diluted share, in the comparable quarter of 2010.
The management of New Energy Systems Group attributed the improved results to higher volumes of product sold during the quarter and cost cutting related to a reorganization of the company’s operations.
New Energy Systems Group said that the company was on target to meet its previous financial guidance and estimates that sales in 2011 will range between $130 million and $135 million. The company also estimates that adjusted net income will be in a range of $24.5 million to $25.5 million.
New Energy Systems Group is working in 2011 on building brand identity and marketing efforts and plans to open more than two dozen retail stores in China in 2011.
For more information on the company, go to www.newenergysystemsgroup.com