UPDATE 1-Wonder Auto ups Q1 rev outlook, shares rise

Tue Apr 6, 2010 10:48am EDT

* Sees Q1 rev in excess of $63 mln

* Sees Q1 net income over $7.3 mln

* Shares up 13 pct

April 6 (Reuters) - Chinese autoparts maker Wonder Auto Technology Inc WATG.O raised its first-quarter revenue outlook due to better-than-expected sales, sending its shares up as much as 13 percent.

A high growth rate in the company's Chinese onshore auto sales had a positive impact on results, the company said in a statement.

Wonder Auto, whose products include alternators, starters, engine valves and tappets, also said it expects net income to exceed $7.3 million.

The company expects first-quarter revenue in excess of $63 million, up from its prior estimates of revenue of about $58 million.

Analysts on average were expecting earnings of 19 cents a share, before special items, on revenue of $58.6 million according to Thomson Reuters I/B/E/S.

Shares of the company were trading up about 11 percent at $12.07 Tuesday morning on Nasdaq. They touched a high of $12.29 earlier in the session. (Reporting by Divya Sharma in Bangalore; Editing by Don Sebastian)

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