Energy Recovery (NASDAQ: ERII) saw its stock surge 6.46% in after-hours trading following the release of its impressive second-quarter results and the announcement of a new share repurchase program. The company, which specializes in energy recovery devices for industrial fluid flows, significantly outperformed market expectations in several key areas.
The California-based firm reported quarterly earnings of $0.07 per share, dramatically beating the analyst consensus estimate of $0.00. This represents a substantial outperformance, despite being a 22.22% decrease from the $0.09 per share reported in the same period last year. Revenue for the quarter came in at $28.051 million, surpassing the analyst estimate of $25.429 million by 10.31% and showing a 3.13% year-over-year increase.
Adding to the positive sentiment, Energy Recovery announced a new $25 million share repurchase program, signaling confidence in its financial position and commitment to delivering shareholder value. The company also reported strong performance in its China Wastewater segment, securing over $2 million in revenue during Q2. With a net income of $2.054 million for the quarter and a basic earnings per share of $0.04, Energy Recovery has demonstrated robust financial health and growth potential, likely contributing to the enthusiastic after-hours stock movement.
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