By midmorning, shares had exploded 16.8% to $5.70. Trading volume of 2.3 million was more than six times its three-month daily average.
In the three months to December, the China-based recycling service posted net income of $4.21 million, a 169% year-over-year increase, and earnings per share of 7 cents compared to 3 cents a share in the year-ago quarter.
Quarterly revenue of $13.2 million was significantly higher than $219,000 in the year-ago quarter.
For the full year, net income of $15.63 million increased 359% year over year with earnings of 29 cents a share up 314%.
Total sales increased to $63.2 million, a 4971% year-on-year jump.
"We further strengthened our operations and increased operational efficiencies, while maintaining our fiscal discipline and cost controls. Currently, we have fifteen operating systems and a series of potential projects which will bring our company great growth in the future," said chairman and CEO Guohua Ku in a statement.
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TheStreet Ratings team rates CHINA RECYCLING ENERGY CORP as a Hold with a ratings score of C. The team has this to say about their recommendation:
"We rate CHINA RECYCLING ENERGY CORP (CREG) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and compelling growth in net income. However, as a counter to these strengths, we find that we feel that the company's cash flow from its operations has been weak overall."