08:18 GFRE Gulf Resources: Excellent quarter unduly punished by unrealistically conservative guidance - Brean Murray (8.75 )
Brean Murray notes that GFRE reported 2Q10 financial results above its preannounced numbers and beating their Street-high estimates and consensus by a wide margin on all financial metrics. Firm notes that mgmt only reiterated its guidance for 2010, which they view as "unrealistically conservative" given the huge beat in Q2. Firm raises their estimates for 2010 revenues and GAAP net income to $154 mln and $49 mln, or $1.42 per diluted share, to reflect the Q2 earnings beat as well as their confidence in a continual favorable bromine environment for the remainder of 2010, up from $150 mln and $45 mln, or $1.29 per diluted share, respectively, which are higher management's current guidance. |
