- Evoqua Water ( NYSE: AQUA ) stock is up 11.5% on Tuesday after posting beat on both lines in its fourth quarter earnings .
- Revenue of $504.76M (+18.5% Y/Y) beat by $39.38M , taking company's full-year revenue to $1.74B.
- Q3 By Segment: Integrated Solutions and Services revenue, $347.2M (+23.4% Y/Y); Applied Product Technologies, $157.6M (+9% Y/Y) driven by revenue growth in Asia and Americas regions.
- Aftermarket and service revenue increased by $28.3M and $27M, respectively, driven by contributions from acquisitions, favorable pricing and growth across most end markets, the company told. Capital revenue was up by $10.5M.
- Group's Adjusted EBITDA reached $93.2M, an increase of 13.8% compared to the prior year period.
- "Demand continues to be strong across multiple end markets generating organic revenue growth of approximately 10% for the fiscal year and 9% for the fourth quarter. Acquisition integrations continue to be favorable, and our team is efficiently managing supply chain challenges," commented CEO Ron Keating.
- GAAP EPS of $0.33 beat consensus by $0.03 , after being favorably impacted by a non-cash benefit of $17.3M associated with the release of a tax valuation allowance, as well as increased operational volume.
- FY 2023 Outlook: For fiscal 2023, the company expects revenue to range between $1.81-$1.89B vs. consensus of $1.80B .
- Adjusted EBITDA forecasted to be $310 to $330M for year-over-year growth of approximately 4% to 11%.
- "We delivered on two fiscal 2022 goals of exceeding 55% water reuse in our top ten facilities and reducing our safety incident rate across the company from the prior year," added Keating.
- Seeking Alpha contributor wrote: "Evoqua Water Technologies is a well-positioned water play, benefiting from multiple secular growth trends."
For further details see:
Evoqua Water rallies after solid earnings beat, guidance tops expectations