Waste management company Avalon Holdings flies after 2Q profit on surging revenues

Shares of Avalon Holdings Corp (NYSEAMERICAN:AWX) rocketed Friday after the waste management company reported second quarter earnings that showed a spurt in revenue.

The small-cap stock popped 33.8% to US$4.00 in premarket trade.

For the quarter ended June 2018, the company posted earnings of US$0.16 per share on revenue of US$16.7mln. There is no analyst coverage of the company but investors liked what they saw in terms of revenue expansion.

Revenue grew 14.6% on a year-over-year basis.

READ: Shares in Avalon Holdings rocket after receiving large investment from MintBroker International

A regulatory filing in July showed that Bahamas-based MintBroker International Ltd. took a new US$1.92mln stake in Avalon.

Avalon which employs some 423 people provides waste management services to industrial, commercial, municipal and government customers in the US Northeast and Midwest.

The Warren, Ohio-based company also has a golf and related operations segment which manages three golf courses, clubhouses, a hotel and a travel agency. 

Contact Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive

Story by ProactiveInvestors