Energy Recovery Falls 11.8% On Earnings Miss (ERII)

Energy Recovery, Inc. (Nasdaq: ERII) announced after the market closed on Thursday that it missed consensus Wall Street estimates, which sent its share price plummeting.Energy Recovery, Inc reported a wider than expected 3rd quarter adjusted loss of 6 cents per share, on revenue of $6.92 million.According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 2 cents per share, on revenue of $11.39 million.President and CEO G.G. Pique said, “Due to the summer holiday season, our third quarter revenue is historically our lightest of the year and this year was no exception. Our OEM business continues to be strong and we are solidifying our leadership position with the broadest array of products and solutions for small to medium size projects. Demand for larger SWRO projects continues to be choppy, but we have experienced these cycles before and we are ready when the market strengthens with the most advanced and competitively priced product offerings in the industry.” Energy Recovery, Inc. (ERII) closed Thursday trading at $3.66 per share, then fell 11.8% to $3.23 during after hours trading. Analysts covering the company's stock give it a consensus price target of 4.62 per share.Read more from Benzinga's Company news.