Business
Energy Recovery Achieves Record-Breaking Fourth Quarter and Fiscal Year 2021 Product Revenue
SAN LEANDRO, CA / ACCESSWIRE / February 24, 2022 / Energy Recovery, Inc. (Nasdaq:ERII) today announced its financial results for the fourth quarter and fiscal
About this update from Energy Recovery, Inc.
[{"type":"text","content":"SAN LEANDRO, CA / ACCESSWIRE / February 24, 2022 / Energy Recovery, Inc. (Nasdaq:ERII) today announced its financial results for the fourth quarter and fiscal year ended December 31, 2021. The Company achieved 13% product revenue growth for the fiscal year 2021 across all business segments.\"We are pleased to report another year of record revenue in 2021. This achievement reflects the important role our products play in reliably delivering energy and cost savings, as well as emissions reduction for critical industries. Additionally, our performance highlights the ability of our team to adapt and perform at the highest level, despite the many challenges presented by the global pandemic,\" said Robert Mao, Chairman, President and Chief Executive Officer of Energy Recovery.\"We are well down the clear and disciplined path we defined two years ago for our industrial wastewater treatment and refrigeration businesses. We have announced multiple contracts for the Ultra PX™ for use in multiple industrial wastewater treatment applications. Furthermore, we are in discussions with several refrigeration rack manufacturers in North America and Europe and have signed our first agreement with one of these manufacturers for the joint development of a PX-centric next generation CO2 system utilizing our PX G1300,\" Mr. Mao continued.\"Energy Recovery's core strategy remains focused on accelerating the achievement of greater sustainability in critical industries with our PX technology. We are delivering on this promise, and through continuing innovation and dedication to delivering results, we are poised to continue our growth in the years to come.\"Financial Results Three Months Ended December 31, Years Ended December 31, 2021 2020 Variance 2021 2020 Variance (In millions, except net income per share, percentages and basis points) Product revenue $33.6 $26.4 27% $103.9 $92.1 13%License and development revenue (1) - - -% - 26.9 (100)%Total revenue $33.6 $26.4 27% $103.9 $119.0 (13)% Product gross profit $23.2 $18.2 27% $71.2 $63.8 12%Product gross margin 68.9% 69.0% (10) bps 68.6% 69.3% (70) bps Operating expense $17.2 $14.4 19% $57.4 $59.4 (3)%Operating income $6.0 $3.8 57% $13.8 $31.3 (56)% Net income $5.3 $3.5 52% $14.3 $26.4 (46)%Diluted net income per share $0.09 $0.06 $0.03 $0.24 $0.47 $(0.23) Operating cash flow $6.2 $6.5 $(0.3) $13.5 $16.9...