Business
Energy Recovery Reports Third Quarter 2019 Financial Results
SAN LEANDRO, CA / ACCESSWIRE / October 31, 2019 / Energy Recovery Inc. (Nasdaq:ERII) ("Energy Recovery" or the "Company"), the leader in pressure energy
About this update from Energy Recovery, Inc.
[{"type":"text","content":"SAN LEANDRO, CA / ACCESSWIRE / October 31, 2019 / Energy Recovery Inc. (Nasdaq:ERII) (\"Energy Recovery\" or the \"Company\"), the leader in pressure energy technology for industrial fluid flows, today announced its financial results for the third quarter ended on September 30, 2019.Third Quarter Summary:Total revenue of $24.9 million, an increase of 12% year-over-yearProduct gross margin of 75.1%, an increase of 210 basis points year-over-yearTotal gross margin(1) of 78.2%, an increase of 80 basis points year-over-yearNet income of $5.1 million with a diluted earnings per share of $0.09, an increase of $0.01 year-over-yearAdjusted net income(1) of $4.2 million with a non-GAAP diluted earnings per share(1) of $0.07, a decrease of $0.01 year-over-yearYear-to-Date Summary:Total revenue of $67.4 million, an increase of 19% year-over-yearProduct gross margin of 72.2%, an increase of 260 basis points year-over-yearTotal gross margin(1) of 76.5%, an increase of 170 basis points year-over-yearNet income of $11.5 million with a diluted earnings per share of $0.21, a decrease of $0.15 year-over-yearAdjusted net income(1) of $10.6 million with a non-GAAP diluted earnings per share(1) of $0.19, an increase of $0.03 year-over-yearPresident and CEO Chris Gannon remarked, \"Energy Recovery's track record of strong performance continued in the third quarter. The tremendous performance of our Water business demonstrates that the surge of desalination growth we have anticipated is here. As the size and pace at which projects are being awarded increases, our proactive investments in Water, including an expansion of our manufacturing capacity, are positioning us to capitalize on this historic growth. In the third quarter, we further strengthened our backlog and pipeline for the remainder of 2019, 2020, and 2021, a clear sign that equipment procurement is taking place earlier in the desalination project development cycle.\"Mr. Gannon added, \"In our Oil & Gas business, we are gaining insight and achieving advancements with our VorTeq technology. We are principally focused on accumulating run-time on and identifying failure modes of the VorTeq system as we continue to improve the reliability and repeatability of our technology. The VorTeq is an entirely new, potentially game-changing, technology to be deployed in a mature and vastly competitive indu...