CleanTech Innovations Inc. is a U.S. company with leading operations in China’s clean technology, wind tower industry. The company today announced record third-quarter financial results for the period ended September 30, 2010, posting astounding increases across the board.
Third quarter 2010 revenue was reported at $13.06 million, up 1,749 percent from the $0.71 million reported in the third quarter of 2009.
CleanTech reported quarterly net income of $2.32 million compared to $0.19 million, an increase of 1,112 percent from the comparable quarter of 2009. CleanTech reported earnings per share (EPS) of $0.10 on a fully diluted basis, up 900 percent compared to $0.01, in the third quarter of 2009.
The company attributes the significant quarterly revenues and earnings increases to the fulfillment of customer orders from some of China’s largest utility companies.
Bei Lu, chairman and CEO of CleanTech, noted China’s national shift toward clean energy and how the company’s product position it for growth.
“CleanTech is pleased with our record third-quarter financial results. Our financial performance reflects continued strength in our wind tower business as China implements nationwide policies towards supporting clean energy products. CleanTech is a direct beneficiary of a favorable market environment in China’s wind industry, an environment we believe will continue for years to come. We anticipate strong earnings growth momentum to continue throughout 2010 and into 2011,” Lu stated in the press release.
CleanTech designs and manufactures clean technology products that promote renewable energy generation, energy savings and pollution reduction. The company’s products include wind turbine towers, bellows expansion joints and pressure vessels for the wind power, steel, coking, petrochemical, high voltage electricity transmission and thermoelectric industries.
For more information visit www.ctiproduct.com
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