## Avalon Holdings Corporation Reports Strong Third Quarter Results with Increased Revenue and Profits
WARREN, Ohio – November 8, 2024 – Avalon Holdings Corporation (AWX) today announced strong financial results for the third quarter of 2024, highlighting a significant improvement in both revenue and profits. The company’s commitment to delivering reliable waste management services and its successful diversification into the hospitality industry through Avalon Resorts and Clubs Inc. have fueled this positive performance.
Key Highlights:
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Net operating revenues:
$24.2 million for the third quarter of 2024, a slight increase compared to $24.0 million in the same period last year. This growth is attributed to the robust performance of the company’s core waste management services.*
Net income:
The company recorded a net income attributable to Avalon Holdings Corporation common shareholders of $1.8 million in the third quarter of 2024, a significant jump from $0.9 million in the same period of 2023. This remarkable improvement is a testament to the company’s operational efficiency and its strategic investments.*
Earnings per share:
Basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.47 for the third quarter of 2024, representing a substantial increase compared to $0.23 in the third quarter of 2023.Strong Overall Performance:
The company’s financial performance for the first nine months of 2024 reflects a trend of steady growth. Net operating revenues reached $66.2 million, up from $63.2 million in the same period last year. Additionally, the company recorded a net income attributable to Avalon Holdings Corporation common shareholders of $1.8 million for the first nine months of 2024, compared to a net loss of $0.9 million in the same period last year.
Diversification Strategy Paying Off:
Avalon Holdings Corporation’s diversification into the hospitality industry through Avalon Resorts and Clubs Inc. is proving to be a successful strategy. The company’s hotel operations, four golf courses, and country clubs are contributing positively to overall revenue and profitability.
Looking Ahead:
Avalon Holdings Corporation’s positive financial performance is a testament to its strong operational foundation and strategic diversification. The company remains focused on delivering high-quality waste management services while continuing to expand its presence in the hospitality industry. With a robust financial position and a clear growth strategy, Avalon Holdings Corporation is well-positioned for continued success in the future.
About Avalon Holdings Corporation:
Avalon Holdings Corporation provides a comprehensive range of waste management services to industrial, commercial, municipal, and governmental customers in selected northeastern and midwestern U.S. markets. The company also offers captive landfill management services and salt water injection well operations. Avalon Holdings Corporation owns Avalon Resorts and Clubs Inc., which includes a hotel and resort amenities, four golf courses, country clubs, and a multipurpose recreation center.
