Energy Recovery, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 01, 2023 at 04:05 pm
Share
Energy Recovery, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 37.04 million compared to USD 30.46 million a year ago. Net income was USD 9.66 million compared to USD 4.79 million a year ago. Basic earnings per share from continuing operations was USD 0.17 compared to USD 0.09 a year ago. Diluted earnings per share from continuing operations was USD 0.17 compared to USD 0.08 a year ago.
For the nine months, sales was USD 71.16 million compared to USD 83.3 million a year ago. Net income was USD 1.7 million compared to USD 10.32 million a year ago. Basic earnings per share from continuing operations was USD 0.03 compared to USD 0.18 a year ago. Diluted earnings per share from continuing operations was USD 0.03 compared to USD 0.18 a year ago.
Energy Recovery, Inc. is engaged in energy efficiency technology. The Company designs and manufactures solutions that provide cost savings through improved energy efficiency in commercial and industrial processes, with applications across several industries. Its segments include Water and Emerging Technologies. The Water segment develops, sales and supports PX, hydraulic turbochargers and pumps used in seawater desalination and wastewater treatment activities. The Emerging Technologies segment develops, sales and supports activities related to emerging technologies, such as the PX G1300 used in industrial and commercial refrigeration applications. Its solutions are marketed, sold in, or developed for, the fluid-flow and gas markets, such as seawater and wastewater desalination, natural gas, chemical processing and CO2-based refrigeration systems, under the trademarks ERI, PX, Pressure Exchanger, PX Pressure Exchanger (PX), Ultra PX, PX G, PX G1300, PX PowerTrain, AT, and Aquabold.