Evoqua Water Technologies Q1 Earnings Beat Estimates, Raises FY22 Outlook

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  • Evoqua Water Technologies Corp AQUA reported first-quarter FY22 revenue growth of 13.7% year-over-year to $366.3 million, +13% on an organic basis, beating the consensus of $349.52 million.
  • Segment revenues: Integrated Solutions and Services $245.1 million (+14.2% Y/Y) and Applied Product Technologies $121.2 million (+12.7% Y/Y).
  • Adjusted EPS improved to $0.12 from $0.06 a year ago, beating the consensus of $0.08.
  • The gross profit increased by 15.9% Y/Y $110.51 million, and the margin expanded by 60 bps to 30.2%.
  • Income before interest expense and income taxes declined to $14.3 million from $16.2 million a year ago, and the corresponding margin contracted by 110 bps to 3.9%.
  • Adjusted EBITDA increased by 21.2% Y/Y to $54.3 million, and margin decreased by 92 bps to 14.8%.
  • Evoqua Water generated cash from operating activities in the quarter of $36.38 million, compared to $23.27 million a year ago.
  • At the end of the quarter, cash and cash equivalents were $152.5 million, and total net debt was $615.4 million.
  • FY22 Outlook: Evoqua raised its guidance due to strong organic growth and the close of the Mar Cor acquisition. It expects revenue of $1.62 billion - $1.70 billion (prior expectation $1.50 billion - $1.58 billion), above the consensus of $1.60 billion.
  • It sees adjusted EBITDA of $280 million - $300 million (prior $255 million - $275 million), increasing 11% - 20% Y/Y.
  • Price Action: AQUA shares are trading higher by 2.29% at $41.43 during the market session on Tuesday.
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