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.
Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail firstname.lastname@example.org or call (662) 392-0740 for pricing and scheduling.