UPDATE 3-A-Power Energy ups FY outlook; shares jump

* EPS $0.64 vs $0.04 last year

* Raises FY rev view to $500 mln

* Raises FY net income view to $60 mln

* Says Texas project reached final development phase

* Shares up 24 pct (Adds analyst comments; updates share movement)

By Arup Roychoudhury and Vinay Sarawagi

BANGALORE, June 10 (Reuters) - A-Power Energy Generation Systems Ltd APWR.O posted higher quarterly profit and raised its full-year outlook on expectations of stronger turbine exports, sending its shares up 24 percent.

A-Power raised its 2010 revenue outlook to $500 million from $380 million and net income outlook to $60 million from $45 million.

"We definitely see some sequential improvement both at top line and bottom line for 2010," Oppenheimer and Co analyst Andy Yeung said by phone.

A lot will depend on improvement of sales in the company's wind business during the second half of the year, Yeung added.

"Our wind turbine business continues to gain traction and we remain confident in the market outlook, as our larger turbines are receiving favorable consideration in China," A-Power CEO Jinxiang Lu said in a statement.

The Chinese wind turbine company also said its 600-megawatt wind power project in Texas reached final development phase on April 27.

"I think for Texas wind farm management basically indicated that they expect a lot of prep work be done this year, and actual implementations in 2011," analyst Yeung said.

In 2008, the company said it was building, along with U.S. companies, a $1.5 billion wind farm project in West Texas with enough capacity to supply electricity to 180,000 Texas homes. The cost of the project rose to $2 billion by Jan. 2010, due to higher turbine and cable connection costs and six banks, including Bank of China (601988.SS), showed interest in financing the project. [ID:nTOE60L066]

A-Power is also developing a wind energy turbine production and assembly plant in Nevada, along with the U.S. Renewable Energy Group and American Nevada Group. The plant has an expected annual production capacity of 1.1 gigawatts. [ID:nSGE62A0GB]

A-Power is among a slew of Chinese renewable energy companies aggressively competing with bigger peers such as German solar cell producer Q-Cells (QCEG.DE) and Spanish wind-farm operator Iberdrola (IBE.MC) in the emerging global clean power sector.

For the latest first quarter, the company reported a profit of $29.3 million, or 64 cents a share, compared with earnings of $1.6 million, or 4 cents a share, a year ago.

Excluding items, the company earned 5 cents a share, while revenues more than doubled to $67.3 million.

Analysts on average were expecting A-Power to earn 22 cents a share, on revenue of $82.1 million, according to Thomson Reuters I/B/E/S.

The company said geographic diversification into southern China and international projects contributed to more revenues from its distributed power generation systems (DG) segment.

Shares of Shenyang, China-based A-Power were up 24 percent at $9.15 Thursday morning on Nasdaq before paring some gains to trade 21 percent up at $8.91, trading more than three times their daily average volume.

For the alerts, please double click [ID:nASA00FXB] (Reporting by Vinay Sarawagi and Arup Roychoudhury in Bangalore; Editing by Don Sebastian)