Lihua (LIWA) to Import More Scrap Copper; Boosts FY11 Gross Profit, Net Income Outlook
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Lihua International, Inc. (Nasdaq: LIWA) reports the receipt of an Environmental Import License from the Ministry of Environmental Protection of the People's Republic of China (PRC).
As the Company had previously disclosed, Lihua received a Scrap Metal Import License from the General Administration of Quality Supervision, Inspection and Quarantine of the PRC in November 2010. Together, these licenses enable Lihua to begin purchasing and importing scrap copper directly from overseas suppliers.
The Company expects to ramp up its scrap copper imports to material volume by the end of 2011.
In conjunction with the projected profitability improvement from importing scrap copper, as well as continued strong demand in China for recycled copper and copper alternatives, Lihua has raised its 2011 gross profit guidance to be between $81.0 million and $83.0 million, and non-GAAP net income guidance to be between $53.0 million and $55.0 million, representing year-over-year growth of 30.4-33.7% and 32.2-37.2% respectively.
As the Company had previously disclosed, Lihua received a Scrap Metal Import License from the General Administration of Quality Supervision, Inspection and Quarantine of the PRC in November 2010. Together, these licenses enable Lihua to begin purchasing and importing scrap copper directly from overseas suppliers.
The Company expects to ramp up its scrap copper imports to material volume by the end of 2011.
In conjunction with the projected profitability improvement from importing scrap copper, as well as continued strong demand in China for recycled copper and copper alternatives, Lihua has raised its 2011 gross profit guidance to be between $81.0 million and $83.0 million, and non-GAAP net income guidance to be between $53.0 million and $55.0 million, representing year-over-year growth of 30.4-33.7% and 32.2-37.2% respectively.
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