Cleantech (Nasdaq: CLNT) posts weak results, shares fall

Atlanta, GA 5/16/12 (StreetBeat) -- Cleantech Solutions International Inc (Nasdaq: CLNT), which makes metal components for the clean energy industry, posted a steep fall in its first-quarter profit on weak demand and lower selling prices, sending its shares down 24 percent on Wednesday.

The China-based company's net income for the quarter fell about 89 percent to $0.3 million, or 12 cents per share, from $2.7 million, or $1.04 per share, last year.

Excluding items, Cleantech earned 21 cents a share.

Revenue nearly halved to $9.4 million.

Shares of the company, which have fallen about 87 percent in the last one year, were trading down 10 percent at $3.58 on Wednesday on the Nasdaq.

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