Energy Recovery: 2Q Earnings Snapshot
SAN LEANDRO, Calif. (AP) _ Energy Recovery Inc. (ERII) on Thursday reported second-quarter net income of $15.7 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the San Leandro, California-based company said it had net income of 28 cents. Earnings, adjusted for non-recurring gains, came to 7 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.
The maker of energy recovery devices posted revenue of $17.4 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $16.7 million.
Energy Recovery shares have decreased 12 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $7.68, a rise of roughly 2 percent in the last 12 months.