Armco Metals Holdings Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the third quarter, net revenue was $48.5 million, a 51% increase compared to net revenue of $32.2 million recorded in the third quarter of 2014. The increase in revenue in the third quarter of 2015 was due to an increase of $31.6 million in revenue from trading business partially offset by a decrease of $15.3 million in sales from its recycling business. Income from operations was $0.5 million against income from operations of $7.3 million last year. Income before income tax provision was $0.6 million against income before income tax provision of $6.6 million last year. Net income was $0.4 million or $0.05 per basic and diluted share against net income of $4.8 million or $0.87 per basic and diluted share last year.

For the first nine months of 2015, revenues were $128.4 million, an increase of 71% compared to revenues of $75.0 million recorded in the first nine months of 2014. The increase was primarily due to a significant increase in sales from trading business partially offset by a decline in revenue from recycling business. Loss from operations was $14.0 million against income from operations of $5.6 million last year. Loss before income tax provision was $10.3 million against income before income tax provision of $2.2 million last year. Net loss was $8.2 million or $1.23 per basic and diluted share against net income of $0.4 million or $0.09 per basic and diluted share last year. Net cash provided by operating activities was $0.2 million against net cash used in operating activities of $1.6 million last year.