Recon Technology (NASDAQ:RCON) earnings for the oil and gas company’s fiscal full year of 2019 has RCON stock heading higher on Friday. This is due to its per-share loss of -19 cents and revenue of $14.90 million for the year. These are both better than Wall Street’s losses per share and revenue estimates of -23 cents and $11.18 million.
Now let’s look more in depth at the most recent Recon Technology earnings report.
- The company notes that its revenue for 2019 is up 20.90% YoY.
- This was due to a 234.80% increase in automation product and software revenue and a 743.30% increase in oilfield environmental protection projects revenue.
- Gross profit reported by the company also saw a 619.60% from the prior year.
- It’s gross margin for the period was 29.20%, as compared to 4.90% in fiscal 2018.
- The Recon Technology earnings report also has operating loss narrowing by 40.80% from the previous year.
- Net loss reported by RCON for fiscal 2019 is 42.50% better than what it was in fiscal 2018.
- It’s per-share loss for the year was also a 66.20% improvement YoY.
- Recon Technology also notes that it has cash of $700,000 and working capital of $8.10 million at the end of fiscal 2019.
Shenping Yin cofounder and CEO of RCON, says this in the Recon Technology earnings release.
“During fiscal year 2019, we have successfully accomplished our three-year performance goals set by our management in fiscal year 2016 and achieved a revenue Compound annual growth rate (CAGR) of 31%. We will continue to strive for a better performance in the coming years.”
RCON stock was up 2.30% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
