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Energy Recovery, Inc. (NASDAQ:ERII) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.79%.
Energy Recovery, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.04 in the quarter versus EPS of $-0.19 in the year-earlier quarter.
Revenue: Rose 146.73% to $15.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Energy Recovery, Inc. reported adjusted EPS loss of $0.04 per share. By that measure, the company missed the mean analyst estimate of $-0.02. It beat the average revenue estimate of $13.69 million.
Quoting Management: Tom Rooney, President and Chief Executive Officer, commented, “We are very pleased with the quarterly and annual financial results, as they clearly demonstrate our ability to drive revenue, achieving increased share in a growing market, along with our focus in reducing costs through operational efficiencies. We achieved such bottom-line improvement while making substantial investments underwriting our strategy to expand into new markets, the first of which is the oil & gas industry. I am pleased to report that we are making measurable, tangible progress as we proceed to commission new energy recovery systems with major oil & gas companies around the world. While we did not recognize any revenue related to these systems in 2012, we anticipate achieving meaningful revenue in 2013 followed by increasing revenue in 2014. Although we predict only modest growth in total revenue for 2013, weighted toward the second half of the year, we expect to drive meaningful bottom-line performance through ongoing cost-reduction and efficiency-enhancing initiatives. Beyond 2013, we anticipate significant growth in 2014 as the sales pipeline for major desalination projects firms up and our oil & gas strategy continues to progress. It is my belief that 2012 was a great year, proceeding almost exactly as planned when viewed against financial and strategic milestones. Taking stock of our achievements in 2012, while at the same time fully acknowledging the hard work that remains, we are increasingly excited about the prospects of this great company, and we are passionately committed to and intensely focused on our growth strategy. Through relentless and tenacious execution of a winning strategy, the financial results should continue to improve, with 2012 serving as the first step in a multi-year transformation.”
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