Energy Recovery, Inc.(ERII) stock soared on Thursday, March 11, 2021. After the company announced its financial results for the fourth quarter ended December 31, 2020, The stock price increased 4.43% in regular trading sessions. A positive trend continued in the after-hours session. The stock gain 11.29% more in the extended hours and closed at $21.00 per share
Q4 Financial Highlights
- The ERII announced quarterly earnings of $0.06 per share, beating the Zacks Consensus Estimate of $0.05 per share.
- Its revenue for the fourth quarter was $26.43 million, topping the analyst’sprediction by 5.20%.
- Energy Recovery shares have added about 32.5% since the beginning of the year versus the S&P 500’s gain of 3.8%.
- For the year ended December 31, 2020, the company had cash and cash equivalents of $94.3million and short-term investments of $20.4 million, representing a combined total of $114.7 million.
- For the fourth quarter ended December 31, 2020, gross product margin decreased 250 basis points compared to the fourth quarter ended December 31, 2019.
- For the fourth quarter ended December 31, 2020, operating expenses decreased by $1.5 million compared to the fourth quarter ended December 31, 2019.
Recent business activities
Earlier on February 25, 2021, ERII announced a partnership with DuPont Water Solutions (DuPont). Both companies will offer advanced solutions improving the efficiency of many industrial wastewater treatment systems.
On February 3, 2021, Energy Recovery confirmed that its new Ultra PX™ energy recovery device has got the second contract at a natural gas plant in the Sichuan Province of China, supporting industrial wastewater treatment operations. Earlier new Ultra PX™ energy recovery device was used in operations of a chemical manufacturer in central India and operational by Q2, 2021.