Newater Technology Announces Higher Revenue, Net Income; Shares Drop

Newater Technology saw an 86 percent increase in revenue and nearly a tripling of net income.

Author: Binwei Wang   

Newater Technology Inc. (Nasdaq: NEWA), a company specializing in the development, production and application of DTRO equipment and systems used in wastewater filtration, announced today its revenue increased 86 percent to $47 million while its net income jumped 177 percent from a year earlier.

The Yantai-based company attributed a large increase in project sales and the number of customers for its higher revenue.

Newater said its net income increased to $7.2 million, or 67 cents per share, last year from $2.6 million, or 26 cents per share.

"In 2018, NEWA's flexible automated production line started operation in our new facility in Yantai. With more knowledge and experience accumulated, we expect to maximize the output quality and quantity while reducing costs. " Yuebiao Li, CEO of Newater, said, "While fortifying our market leadership in our existing markets of landfill leachate and industrial waste water, NEWA also invested in technology innovation to apply DTRO technology in the municipal wastewater field."

The company said it will focus on executing its business strategy and expanding globally. In 2019, the company expects its operation results to continue to grow at the current speed, it said.

Shares in Newater dropped 8 percent to $7.65 per share today.