NEW YORK — Electric-motor manufacturer Harbin Electric Inc. said Monday its profit more than doubled in the first quarter due to an acquisition it made in late 2009.
Harbin reported net income attributable to controlling interest of $20.6 million, or 66 cents per share, from $8.7 million, or 39 cents per share. Revenue more than tripled to $105.5 million from $30.7 million.
The company bought Xi'an Tech Full Simo Electric Motor Co. in October 2009, and said that business bought in $45 million in revenue in the first quarter.
Thomson Reuters says analysts were expecting a profit of 50 cents per share and $98.7 million in revenue on average.
Because of the acquisition, industrial sales of industrial rotary motors grew to $67.5 million from $10.8 million, the company said. Linear motor sales grew 60 percent. International sales more than doubled to $7.1 million as the effects of the global economic downturn eased.
Shares of China-based Harbin Electric rose $1.79, or 9.7 percent, to $20.32 in afternoon trading. The stock has ranged from $9.61 to $26 over the past week.
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