Rino Intl (RINO) Reports Blow Out Quarter, Shares Surge Again

RINO International (RINO) reported outstanding results again this morning, smashing analyst estimates.  The company reported a non GAAP EPS of .78/share which nearly doubled the analyst estimate of .47 (again, remind me what these analysts are being paid for?)  That’s just about a doubling of profits over the year ago quarter.  The company smashed analyst estimates on the revenue side as well posting $63 million vs the estimate of $44 million.

CEO Zou Dejun commented on the quarter:

“This was the first quarter we saw meaningful uptake by customers for our anti-oxidation systems. During the quarter we performed work on a total of 12 FGD desulphurization systems, 5 wastewater treatment systems and installed 7 anti-oxidation systems for a total of 23 customers. We are excited about our DXT desulphurization system which we believe will enable us to cement our position as the leader in this particular FGD application, while providing a strong conduit for growth during the next few years as adoption accelerates. In addition, our backlog as of September 30, 2009 was approximately $52.7 million, which represents 6 desulphurization, 4 wastewater treatment and 6 anti-oxidation projects. We believe our collective growth initiatives will continue to provide incremental and robust top-line and bottom line growth and we currently expect to surpass our previous revenue estimate of $176.5 million for 2009”.

The company will host a conference call in a few minutes.  Shares are up about 13% in premarket trading.  Given that this stock has run up over 10 fold this year, I wouldn’t not be chasing it following this report.  Most of  this good news is already built in, but this China pollution control play is certainly one to watch in the coming years.

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