Business
Energy Recovery Achieves Record-Breaking First Quarter 2022 Revenue
SAN LEANDRO, CA / ACCESSWIRE / May 4, 2022 / Energy Recovery, Inc. (NASDAQ:ERII) ("Energy Recovery" or the "Company") today announced its financial results
About this update from Energy Recovery, Inc.
[{"type":"text","content":"SAN LEANDRO, CA / ACCESSWIRE / May 4, 2022 / Energy Recovery, Inc. (NASDAQ:ERII) (\"Energy Recovery\" or the \"Company\") today announced its financial results for the first quarter ended March 31, 2022.News SummaryRevenue of $32.5 million, an increase of 12% year-over-year (\"YoY\").Income from operations of $8.2 million, an increase of 34% YoY, and adjusted income from operations(1) of $10.1 million, or an increase of 25% YoY.Net income per share of $0.14, an increase of 17% YoY; adjusted net income per share(1) of $0.16, an increase of 23% YoY.Adjusted EBITDA(1) grew 22% YoY to $11.1 million.Share repurchases of $8.1 million, or 0.4 million shares, for cumulative repurchases under the March 2021 Authorization of $31.4 million, or 1.7 million shares.Cash and investments of $96.6 million, which include cash, cash equivalents, and short-term and long-term investments.Our MSCI ESG rating was upgraded for the second year in a row to \"AA\" in April.Full year revenue guidance of up to $130 million reaffirmed.\"We not only delivered record first quarter revenue, but also grew our quarterly operating income 34% year-on-year despite the inflationary environment as we execute on our disciplined growth path,\" said Robert Mao, Chairman, President and Chief Executive Officer of Energy Recovery.\"Our Q1 results included industrial wastewater sales equivalent to nearly 50% of 2021's total sales in this market. In addition, we are preparing for the installation of a CO2 refrigeration rack fully integrated with our PX G1300 for Vallarta Supermarkets in California,\" said Mr. Mao.\"The transformation of Energy Recovery the past two years is significant, but is just the beginning.\" Mr. Mao continued, \"Our disciplined approach to sustainable growth and commitment to transparency and accountability will continue to guide us as we innovate and create value for our customers and shareholders.\"First Quarter Financial Highlights GAAP Non-GAAP(1) Q1 2022 Q1 2021 vs. Q1 2021 Q1 2022 Q1 2021 vs. Q1 2021 (In millions except for percentages, basis points and per share amounts)Revenue $32.5 $28.9 up 12% $32.5 $28.9 up 12% Gross margin 70.8% 69.0%up 185 bps 71.3% 69.4%up 183 bps Operating margin 25.3% 21.2%up 403 bps 31.0% 27.8%up 312 bps Net income $7.9 $6.9 up 15% $9.1 $7.2 up 28% Net income per share $0.14 $0.12 up 17% $0.16 $0.13 up 23% Effective ta...