A-Power Nosedives After Larger 3Q Loss

Shares of Chinese energy company A-Power Energy Generation Systems (APWR) sank nearly 30 percent to $4.55 during the Wednesday trading session, the lowest intraday price since April 2009, after the co. slashed its forecast, saying it now expects 2010 sales of $310 million vs $473.54 million. A-Power stated guidance was lowered due to lower-than-expected wind turbine sales.

The Shenyang – based manufacturer, whose revenues plunged 40.7% to $57.3 million from $96.6 million in Q3’09, reported a net loss of $1 million, or $0.02 p/sh, for the three months ended Sept. 30 compared with a loss of $623,000, or $0.02 p/sh on a  y/y basis.

APWR is currently down $1.63, or 25.63%, to $4.73 after sinking earlier to a 52-week low of $4.55. Shares are seeing huge volume; mid-way through the session APWR has already traded over 6 million shares, well above the daily average volume of 213,000 shares.

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About Ron Haruni 1070 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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