Innovate Corp. Surges on Swing to Profit in 2Q, Revenue Growth

Dow Jones08-07

Shares of Innovate Corp. climbed after the company swung to a profit and reported 74% revenue growth in the second quarter.

The stock was up 47%, to $10.90, in after-hours trading Thursday. It closed down 2%, at $7.41, but has gained 64% this year.

The company reported a profit of $10.7 million, or 71 cents a share, compared with a loss of $19.8 million, or $1.67 a share, a year earlier.

Revenue rose 74%, to $421.6 million. The growth was driven by the company's DBM Global business, where revenue rose 78%, to $414 million.

Adjusted earnings before interest, taxes, depreciation, and amortization nearly tripled to $46.3 million, up from $15.7 million a year prior.

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