Newater Technology, Inc. Reports Audited Consolidated Earnings Results for the Year Ended December 31, 2017
Newater Technology, Inc. reported audited consolidated earnings results for the year ended December 31, 2017. For the period, the company reported total revenues of $25.34 million against $12.28 million a year ago. Operating income was $2.69 million against $1.39 million a year ago. Income before tax was $3.07 million against $2.98 million a year ago. Net income was $2.59 million against $2.43 million a year ago. Basic and diluted earnings per share were $0.26 against $0.28 a year ago. Income from operations was $2,687,282 against $1,394,427 a year ago. Net cash used in operating activities $3,189,701 against $663,655 a year ago. Purchase of property, plant and equipment was $1,482,360 against $66,641 a year ago. Revenues increased by 106%, which resulted primarily from the increased demand for their projects and services, evidenced by a large increase in their project sales, an increased number of customers and larger scale projects, and service sales.