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What: Shares of Liquidity Services, (NASDAQ:LQDT) were flowing higher today, gaining as much as 21% after a strong first-quarter earnings report.

So what: The scrap-and-salvage specialist delivered earnings of $0.32 a share, better than estimates of $0.22, while revenues edged down 0.2%, to $121.9 million, easily topping the consensus at $111.2 million. Current-quarter guidance was weak, but full-year guidance was strong as the company sees a per-share profit of $1.60-$1.76 against estimates of $1.60. CEO Bill Angrick credited strong performance in the retail supply chain and municipal government businesses for the better-than-expected quarter.

Now what: Though Liquidity's full-year EPS estimates were ahead of the consensus, Angrick did say that the company was maintaining a cautious outlook, citing "volatility in the macro environment." Liquidity has been on a downswing of late, having peaked at more than $60 a share in 2012. As a seller of inferior goods, however, the company could be a good place in which to put your money, for those who fear a market correction. The company also appears to be stabilizing after seeing profits dwindle lately.

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