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Originally published Tuesday, May 11, 2010 at 4:56 AM

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SmartHeat 1Q jumps 67 pct as China pushes energy

SmartHeat, a Chinese company that makes temperature meters for residential and commercial buildings, said first-quarter income spiked due to strong government support of the industry.

The Associated Press

NEW YORK —

SmartHeat, a Chinese company that makes temperature meters for residential and commercial buildings, said first-quarter income spiked due to strong government support of the industry.

"In 2010, the (Chinese) government has continued to maintain our energy saving sector as a strategic industry and continues to provide significant funding through government initiatives," CEO James Jun Wang said.

The company's earnings jumped 67 percent to $1.7 million, or 5 cents per share, from $1 million, or 4 cents per share, a year ago.

Revenue climbed 51 percent to $9.4 million.

Analysts, on average, expected 3 cents per share on revenue of $8.8 million, according to a Thomson Reuters poll.

SmartHeat Inc. shares rose 18 cents, or 2.4 percent, to $7.75 in premarket trading.

The company reaffirmed its previous forecast for the full year. It expects net income of $20 million to $22 million on revenue of $106 million to $116 million.

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