ARIS - Why Shares of Aris Water Solutions Are Sinking Today
2023-03-07 11:21:01 ET
While the S&P 500 and Dow Jones Industrial Average open today's trading session inching higher, Aris Water Solutions (NYSE: ARIS) promptly headed in the other direction. The company, a provider of water handling and recycling solutions for energy companies, reported fourth-quarter 2022 financial results before the market opened, and investors were clearly not impressed.
As of 10:55 a.m. ET, shares of Aris Water Solutions were down 20%.
Failing to meet analysts' estimates that it would book Q4 2022 revenue of $86.6 million, Aris reported sales of $82.9 million. Similarly, the company came up short of expectations on the bottom of the income statement. Whereas analysts had expected Q4 2022 earnings per share of $0.18, Aris reported EPS of $0.06.
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Why Shares of Aris Water Solutions Are Sinking Today