Cleantech Solutions Q1 Profit Rises As Revenue Climbs On China Demand

(RTTNews) - Cleantech Solutions International, Inc. (CLNT) said first-quarter net income rose to $2.4 million or $0.68 per share from $1.6 million or $0.56 per share in the first quarter of 2013.

Revenue increased 27 percent to $17.6 million from $13.9 million in 2013. The growth was driven primarily by sales of dyeing and finishing equipment due to demand for the company's low-emission airflow dyeing machines, which enable manufacturers to meet China's stricter environmental standards.

Jianhua Wu, Chairman and CEO of Cleantech Solutions, said, "Looking ahead, we hold a positive outlook for our business for the rest of the year. We expect environmental factors in China to continue to drive textile manufacturers to replace old and inefficient equipment with more environmentally friendly models.''

The company continues to see strong order flow for its low emission airflow dyeing machines and after-treatment compacting machines and is currently developing a new garment washing machine for denim. The firm plans to gradually increase production capacity in its dyeing machine segment to meet demand.

The stock, which closed at $5.55 on Wednesday, is gaining 9.9 percent in pre-market trading.