UPDATE 1-Jinpan shares sink on prelim Q2 results, FY10 view
* Sees FY10 net income down 45 pct to 50 pct
* Sees FY10 rev down 10 pct to 15 pct
* Q2 EPS $0.12 vs est $0.31
* Q2 rev $36.8 mln vs est $40.7 mln
* Shares down 30 pct
July 16 (Reuters) -Energy equipment maker Jinpan International Ltd (JST.O) posted lower-than-expected preliminary quarterly results, hurt by a delayed international orders, and cut its annual outlook, sending its shares down 30 percent.
The company sees 2010 net income to fall 45 percent to 50 percent, and revenue to fall 10 percent to 15 percent.
In March, the company forecast 2 percent to 5 percent growth in annual income and 10 percent to 15 percent growth in revenue.
Analysts on average expect 2010 net income of $1.74 a share on revenue of $176.64 million, according to Thomson Reuters I/B/E/S.
"We continue to face a competitive price environment in China due to depressed prices of silicon steel, a significant component in cast resin transformers," Chief Executive Zhiyuan Li said in a statement.
For the second quarter ended June 30, 2010, the company posted a net income of $2 million, or 12 cents a share, compared with $8.69 million, or 54 cents a share, a year ago.
Revenue fell 10 percent to $36.8 million from last year.
Analysts on average expected the company to post a profit of 31 cents a share on revenue of $40.7 million.
Shares of the company, which plans to post the final results in early August, were down 24 percent at $10.86 Friday morning on Nasdaq. They touched a year-low of $10.08 earlier in the session. (Reporting by Vinay Sarawagi in Bangalore; Editing by Don Sebastian)
- Missing jet may have strayed toward Andaman Sea: Malaysian air force |
- NYC buildings explosion kills 2, more missing
- Malaysia military source says missing jet veered to west |
- Ukraine appeals to the West as Crimea turns to Russia |
- Exclusive: EU approves framework for asset freezes, travel bans on Russia