Revenue increased 29.4% year over year to $22.8 million from $17.6 million mostly due to sales of the company's dyeing and finishing equipment thanks to the demand for Cleantech's low-emission airflow dyeing machines. Net income increased to $2.1 million, or 60 cents per basic and diluted share, from $0.5 million, or 17 cents per basic and diluted share, in the same period one year earlier.
Operating expenses decreased 10.7% year over year to $3.1 million from $3.5 million, while operating income increased to $2.8 million from $0.7 million. Operating margin was 12.2% compared to 4.1% in the same period one year earlier. Adjusted EBIDTA rose year over year to $7.3 million from $4.8 million.
TheStreet Ratings team rates CLEANTECH SOLUTIONS INTL INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CLEANTECH SOLUTIONS INTL INC (CLNT) 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 revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, unimpressive growth in net income and weak operating cash flow."