RINO International Corporation Beats Estimates; Guidance In-Line (RINO)

RINO International Corporation

reports Q2 EPS of $0.54 versus estimates of $0.42. RINO International Corporation reports revenues of $65.4 million versus estimates of $51.8 million. Revenues increased 60.7% year over year. The company said its backlog, defined as projects for which contracts have been signed but which have not been completed or started, was $104.7 million. RINO continues to expect to generate total revenues in an amount ranging from $221.0 million to $229.0 million for fiscal year 2010, representing an increase of 15% - 19% from 2009. This forecast reflects RINO's current and preliminary view, which will be subject to future changes. "We are pleased to announce strong results for the second quarter 2010," said Mr. Dejun Zou, director and chief executive officer of RINO. "The robust year-over-year revenue increase was primarily driven by steady growth in our two main business segments, core flue gas desulphurization and waste water treatment systems. Going forward, the primary objective for our core business segments is to continue expanding our market share and enhance gross margin. At the same time, we will build out other business segments that are synergistic extensions of our core competence. Municipal sludge treatment, for instance, is an area of our near-term focus." Shares of RINO are flat-to-higher in the after-hours.