Shares of Avalon Holdings Corp (NYSEAMERICAN:AWX) are on the rise after the Waste Management services group posted a jump in its third-quarter profits.
In its latest quarter, the Warren, Ohio-based company reported net income of $0.8 million compared to net income of $0.5 million in the year-ago quarter. On a per-share basis, its profits rose to $0.21 per share, up from $0.14 per share over the same period.
Its net operation revenues also climbed to $18.1 million, up from $16.4 million in the corresponding period last year.
In response, investors sent Avalon shares up 24% to $4.34 before the opening bell on Friday.
Waste Management services accounted for the bulk of Avalon’s profits, with sales from this business jumping to $12.56 million, up from $10.8 million last year.
Avalon provides Waste Management services to industrial, commercial and municipal customers and governments too as well as captive landfill management services and salt-water injection well operations. It also owns Avalon Resorts and Clubs, which includes a hotel as well as golf courses.