Shares of Energy Recovery Inc. (ERII) plummeted 5.96% on Wednesday, October 31, despite the company reporting better-than-expected earnings for the third quarter of 2024.
The energy solutions provider reported adjusted earnings of $0.15 per share for the quarter ended September 30, surpassing analysts' expectations of $0.09 per share. However, revenue increased by only 4.2% year-over-year to $38.58 million, slightly missing the consensus estimate of $39.11 million.
Despite the earnings beat, Energy Recovery's stock fell sharply, potentially due to broader market concerns or other factors not directly related to the company's financial performance. The company reported a quarterly net income of $8.48 million, and analysts maintained a "strong buy" rating on the stock with an average price target of $21.50.
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