Loading...
Loading...
RINO International Corporation
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 (
) 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.Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in