RINO International Misses Estimates (RINO)

RINO International Corporation (Nasdaq: RINO) released financial results on Monday morning that failed to meet Wall Street estimates.RINO International Corporation announced that its 3rd quarter net income fell 48.3% to $8.8 million, or 31 cents per share, down from $17.1 million, or 68 cents per share, a year earlier.Excluding special items, the company reported earnings of 31 cents per share.The company's revenue fell 16.7% to $52.72 million, down from $63.3 million a year earlier.According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 42 cents per share, on revenue of $55.46 million.Director and chief executive officer Dejun Zou said, “Revenues in the third quarter were down due to recent reform in the steel industry which has caused a ‘wait and see' approach toward capex including investment in clean technologies. We are also seeing our clients experiencing a tightening of cash flow which has led to an increase in accounts receivable. However we still have a full order book with several new contracts successfully negotiated as well as backlog from the third quarter which will generate revenues in the fourth quarter.”RINO International Corporation (RINO) finished the previous trading day at $11.01 per share. The consensus price target of analysts covering the company's stock is $29 per share.Read more from Benzinga's Company news.