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Avalon Holdings shares pop on jump in 3Q profits

The Warren, Ohio, company provides waste management services to industrial, commercial, municipal and governmental customers
waste pile
Waste management services account for the bulk of Avalon’s profits

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.

 

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