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Sep 30, 2020
Energy Recovery Q3 2020 Earnings Report
Reported all-time record quarterly product revenue and net income increased year-over-year.
Key Takeaways
Energy Recovery reported strong third-quarter results, with product revenue reaching an all-time quarterly record of $27.4 million, a 26% increase year-over-year. Net income also increased to $5.4 million, or $0.10 per diluted share.
Product revenue reached an all-time quarterly record of $27.4 million, a 26% increase year-over-year.
Product gross margin was 71.5%, a decrease of 360 basis points year-over-year.
Net income increased to $5.4 million, or $0.10 per diluted share, an increase of $0.01 year-over-year.
The Company finished the quarter with cash and cash equivalents of $80.1 million.
Revenue by Geographic Location
Forward Guidance
The Company believes that it will achieve 25 percent year-over-year revenue growth in its water division in 2020 and will achieve further growth in 2021 and beyond.
Positive Outlook
- Company will achieve 25 percent year-over-year revenue growth in its water division in 2020.
- Company will achieve further growth in 2021 and beyond.
- Company will be able to clear the hurdles that remain before full commercial deployment of the VorTeq.
- The desalination industry remains robust.
- Affordable desalination is critical to meet growing water demand for people around the world.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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