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RINO International Beats On Top And Bottom Lines (RINO)

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RINO International Corporation (NASDAQ: RINO) released its second-quarter earnings results today after the closing bell. The company reported non-GAAP net income of $15.5 million, or $0.54 per share. This compared with analysts' EPS estimates of $0.42. Revenues were $65.4 million, which was a 60.6% increase from the corresponding period in 2009. Wall Street consensus revenue expectations were $51.79 million, so this was a solid top-line beat.

"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."

RINO International Corporation is engaged in the business of designing, manufacturing, installing and servicing wastewater treatment and flue gas desulphurization equipment for use in China’s iron and steel industry, and anti-oxidation products and equipment designed for use in the manufacture of hot rolled steel plate products.

Posted-In: Earnings News Intraday Update Movers

 

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