Reuters: Global Markets: Deer Consumer sees strong FY12 earnings, shares soar

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Deer Consumer sees strong FY12 earnings, shares soar Mar 29th 2012, 13:49 Thu Mar 29, 2012 9:49am EDT (Reuters) - Deer Consumer Products Inc (DEER.O) forecast strong results for 2012, helped by sales of higher-margin products in China, sending its shares up as much as 37 percent. The company, which sells vacuum cleaners, water filters and air purifiers, expects 2012 earnings of $1.37 to $1.42 per share on revenue of $270 million to $290 million. One analyst was expecting a profit of $1.30 per share on revenue of 250 million, according to Thomson Reuters I/B/E/S. Deer Consumer, which has about 400 retail location across China, said it expects gross margins to rise over time, as it looks to focus on Chinese cities with strong economic growth. Deer also reported a net profit of $39.8 million, or $1.18 per share for 2011, compared with $30.3 million, or $0.90 per share, last year. Revenue for the year rose nearly 29 percent to $226.7 million. Deer Consumer is one of the many U.S.-listed Chinese companies accused of fraudulent activities by short sellers. Shares of Deer Consumer were trading up at $4.27 on Thursday morning and were the top percentage gainer on the Nasdaq. (Reporting by Juhi Arora in Bangalore; Editing by Supriya Kurane) Link this Share this Digg this Email Reprints

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