Arq Reports First Quarter 2024 Results
GREENWOOD VILLAGE, Colo., May 08, 2024 (GLOBE NEWSWIRE) -- Arq, Inc. (NASDAQ: ARQ) (the "Company" or "Arq"), a producer of activated carbon and other environmentally efficient carbon products for use in purification and sustainable materials, today announced its financial and operating results for the quarter ended March 31, 2024.
- Red River expansion remains on schedule for first production in Q4 2024; expected payback of 3 years or less
GREENWOOD VILLAGE, Colo., May 08, 2024 (GLOBE NEWSWIRE) -- Arq, Inc. (NASDAQ: ARQ) (the "Company" or "Arq"), a producer of activated carbon and other environmentally efficient carbon products for use in purification and sustainable materials, today announced its financial and operating results for the quarter ended March 31, 2024. - Average selling price for the first quarter of 2024 was up approximately 16% compared to prior year period, marking the fourth consecutive quarter of double-digit year-over-year percentage growth in ASP.
- Gross margin improved to 37% for the first quarter of 2024, compared to 17% in the prior year period.
- Income tax expenses were zero in the first quarter of 2024, compared to negligible amounts in the prior year period.