Pandemic continues to impact processor’s bottom line – E-Scrap News
Over the first several months of this year, the device-resale business was lucrative for a Dallas-area group of electronics processors. End-of-life recycling is a different story.Continue Reading→
But Envela sees market conditions for recycling improving.
“As the country is heading back to offices, schools and government buildings from the loosening of restrictions of the COVID-19 pandemic, we are seeing an increase in recycled electronic materials being released for recycling or disposal,” according to the report.
Overall company performance
Envela reported consolidated sales revenue of $25.5 million during the first quarter, down 1%, and net income of $2 million, up 71%.
, John Loftus, chairman and CEO of Envela, noted that the company’s profits came despite last year’s power outages in Texas triggered by cold temperatures.
“Envela delivered another period of solid profits in the first quarter of 2021 despite a historic Texas winter freeze and associated power outages that temporarily impacted our operations,” he stated. “Our ability to address these issues expeditiously reflects the Company’s operational acumen and business resiliency. Envela’s business continues to benefit from several growth drivers, including accelerated sustainability trends and an increasing supply of used electronics. Overall, we remain confident in our ability to drive profitable growth through 2021 and beyond.”
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