Harbin Electric Inc. announces that its fourth quarter profits nearly tripled due to acquisition of another electric motor maker. Harbin Electric trades on the “NASDAQ” under the stock symbol “HRBN”. For the Latest information regarding “HRBN”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Harbin said the October buyout of Xi'an Simo accounted for $44 million in sales. Without the deal, fourth-quarter sales would have increased 82 percent instead of 209 percent, it said.
The company said it earned $18.3 million, or 59 cents per share, compared with $6 million, or 27 cents per share, a year ago.
About Harbin Electric:
Harbin Electric, Inc., through its subsidiaries, engages in the design, development, manufacture, supply, and service of various electric motors in China and internationally. The company offers linear motors (LM), automobile specialty micro-motors, and industrial rotary motors. Its LM product line includes flat linear asynchronous motor series and flat three-phase linear asynchronous motors used in transmission systems, such as the production transportation line, crane, postal service sorting machine, baggage sorting machine, printed matter sorting machine, automatic linear door, and revolving door applications; and integrated linear motor systems used in oil services, factory automation, packaging, logistic systems, and food industry. The company’s automobile specialty micro-motors product portfolio comprises car seat automation, back seat folding, electric power steering, automated window, and automated trunk opening used for various automation functions in automobiles. Its industrial rotary motors product line includes high/low voltage motors, AC/DC motors, and speed control motors used in various applications, such as petrochemical industry, metallurgical and mining industry, textile industry, agricultural machinery, transportation machinery, machine tools, medical devices, ventilation equipment, air compressor, and electric pumps. The company is headquartered in Harbin, China.
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