- Energy Recovery ( NASDAQ: ERII ) saw a 21% growth in FY22 revenue to $42.3M marking it to be the highest revenue quarter in the company's history led by core desalination business and industrial wastewater growth.
- Gross margin of 69.6%, up 100 basis points compared to the prior year, led by increased pricing and product mix.
- Net income of $24M (+69% Y/Y) and adj. EBITDA of $36.8M, up 50% over the prior year; profitability increased on the basis of increased gross margin and a reduction of operating expenditures as a percent of revenue leading EPS up ~75% to $0.4.
- Operating cash flow for the year was 7% below 2021 largely due to the timing of customer collections for shipments that occurred late in Q4.
- " Our core desalination business has never been stronger, and our new PX Q400 will help us maintain a competitive advantage in the coming years. Additionally, we exceeded our industrial wastewater 2022 guidance by nearly 30%, our annual operating income nearly doubled," Chairman, President and CEO Robert Mao commented.
- The company appointed Fieuw Koeltechniek, refrigeration cooling rack and service provider in Belgium, the Netherlands, and Luxembourg, as its exclusive distribution agent in the Benelux region.
- In the past 1-year, the stock gained 19.5% and stock is currently trading near its 52-week high levels.
- SA Contributor recently wrote "Energy Recovery In Position To Profit From Western Water Woes"
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Energy Recovery reports highest ever growth in FY22 revenue