Huntway Partners Profit Rises 52% for 1st Quarter

Huntway Partners, a Valencia producer of liquid asphalt, said its first-quarter profit rose 52% from a year earlier despite a 9% drop in revenue.

Huntway’s net income for the quarter that ended March 31 climbed to $1.42 million from $932,000, while revenue fell to $17.7 million from $19.4 million. Huntway attributed the earnings gain to reduced interest costs and depreciation.

Huntway was organized from a predecessor company last year. It went public in November by selling ownership units that helped it reduce debt. Huntway noted that 1988 earnings and revenue figures are those of its predecessor and are stated on a pro forma basis, that is, as if the debt had been retired at the beginning of 1988.