Energy Recovery (NASDAQ: ERII) saw its stock price surge 6.46% in after-hours trading on Wednesday, following the release of its impressive second-quarter financial results and the announcement of a new share repurchase program.

The company reported quarterly earnings of $0.07 per share, significantly outperforming analyst expectations of $0.00. Although this represents a 22.22% decrease from the same period last year, the results were well-received by investors. Energy Recovery also beat revenue estimates, reporting $28.051 million in sales compared to the expected $25.429 million, marking a 3.13% increase year-over-year.

Adding to the positive sentiment, Energy Recovery announced a new $25 million share repurchase program, demonstrating confidence in its financial position and commitment to enhancing shareholder value. The company also highlighted strong performance in its Water sector, securing over $2 million in China Wastewater revenue during Q2 and adding $62 million to its contracted Water projects for 2025. With a total of approximately $107 million in contracted Water projects, representing 71% of its estimated Water revenue for the year, Energy Recovery maintains a robust outlook for its core business segments.