Energy Recovery +30% after crushing Q4 earnings, revenue estimates

|By:, SA News Editor

Energy Recovery (ERII +30.1%) shares break past $6 for the first time since October after the maker of energy recovery devices and circulation pumps easily beats Q4 earnings and revenue estimates.

ERII 54% Y/Y revenue increase to $23.2M reflected the strongest revenue quarter in the company's history.

Gross margin was 63% in Q4 vs. 43% a year ago, ERII's third consecutive quarter at or above 60%.

Says it is working to complete its first seawater desalination plant in Carlsbad, Calif., which management hopes will inspire "the construction of many plants needed to compensate for diminishing water supplies" in the American West due to drought.