China Security & Surveillance Technology’s 2Q net income more than doubles on gov’t projects

China Security 2Q net income more than doubles

SEATTLE — China Security & Surveillance Technology Inc., which makes electronic surveillance products and software, said Monday its second-quarter net income more than doubled as government spending on its services continued.

Investors sent shares soaring 86 cents, or 16.2 percent, to close at $6.18.

For April through June, the Shenzhen, China-based company’s net income jumped to $17.8 million, or 23 cents per share, from $6.5 million, or 13 cents per share, in the same period last year. Net income matched the 23 cents Wall Street was expecting, according to a Thomson Reuters poll.

Revenue rose 19 percent to $168.4 million from $141.9 million in the year-ago quarter. The company attributed revenue growth to large-scale government projects, which make up 55 percent of its total. Bejing’s stimulus spending has helped buoy many companies’ results.

China Security & Surveillance Technology reiterated its outlook for full-year earnings of $1.12 to $1.16 per share on $830 million to $850 million in revenue. On average, analysts are predicting earnings of $1.10 per share.