Stock Track | Energy Recovery Shares Plunge Despite Earnings Beat

Stock Track

Oct 31, 2024

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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(ERII) plummeted 5.96% on Wednesday, October 31, despite the company reporting better-than-expected earnings for the third quarter of 2024.</p>\n\n<p>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.</p>\n\n<p>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.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ERII","symbol_name":"Energy Recovery","start_time":0,"source_url":"","article_id":"1145910134","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1145910134","pubTimestamp":1730381674,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Energy Recovery Inc.  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. 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