Boston, MA, 07/03/2013 – (NASDAQ:CLNT) Shares of Cleantech Solutions International, Inc spiked from the price of $5.39 and making the intraday high of $7.60 eventually closed at the day high of $7.60. The spike came after the company released their guidance for the full year 2013, anticipating revenue in the range of $60 – $62 million and net income in the range of $8.0 – $8.5 million.
These impressive figures triggered significant activity in the manufacturer of metal components and assemblies, which is mainly used in the dyeing and finishing equipment to the textile industry and solar, wind power and other clean technology industries and with more than 5.4 million shares moving hands by late afternoon.
Cleantech Solutions International, Inc. is involved in manufacturer and sells forged products and fabricated products towards the range of clean technology customers , which includes forged rolled rings and related products for the wind power industry and other industry equipments for the Solar industry.
In the press release the company did raise concerns regarding the potential credit problems in China, but they were confident about their future prospects. About two weeks ago CLNT announced they had procured purchase orders valued approximately $2.0 million for 21 airflow-dyeing machines from a new domestic customer, providing some evidence that their confidence isn’t simply wishful thinking.
The company’s dyeing segment has experienced strong growth over the past year and during the most recent quarter represented 53% of their revenues while their gross margin for this segment came in at 22.7%, up from 19.6% reported for the three month period ended March 31, 2012.
At the current stage shares of CLNT are trading at as high as $6.64 mark, which is way ahead of their 50 day moving average $4.94 and their 200 moving average of $3.90. The stock has 50 day moving average currently as $75.70. The company has a market cap of $3.408 billion and a price – to- earnings ratio of 27.74.