David W. Moon, President and CEO of Energy Recovery , Inc. (NASDAQ:ERII), recently sold 2,550 shares of the company’s common stock. The shares were sold at a weighted average price of $17.974, generating a total of $45,833. Following this transaction, Moon retains ownership of 87,101 shares. The sale was conducted to cover tax obligations related to the vesting of securities. Energy Recovery, Inc., headquartered in San Leandro, California, is known for its work in the special industry machinery sector.
In other recent news, Energy Recovery Inc. has secured significant contracts in the United Arab Emirates and Morocco, demonstrating its continued growth in the global desalination industry. The company announced contracts worth over $12 million for three seawater reverse osmosis desalination projects in the UAE, expected to be fulfilled by 2024. These contracts will support the creation of nearly 1 million cubic meters per day of desalination capacity.
Additionally, Energy Recovery has secured contracts totaling $27.5 million to supply its PX Pressure Exchanger technology for similar projects in Morocco. These projects align with Morocco's strategic plan to source half of its drinking water from desalination by 2030, serving over 600,000 residents.
In financial developments, during its 2Q '24 Earnings Call, Energy Recovery maintained its full-year revenue guidance of $140 million to $150 million, despite reporting a small net income loss for the quarter. The company also announced the appointment of Michael Mancini as its new Chief Financial Officer.
These recent developments indicate Energy Recovery's steady progress towards its operational and financial goals, with a strong focus on energy-efficient solutions and environmental sustainability.
InvestingPro Insights
Energy Recovery, Inc. (NASDAQ:ERII) has been demonstrating strong financial performance, which adds context to the recent insider transaction. According to InvestingPro data, the company's revenue growth has been impressive, with a 24.92% increase over the last twelve months as of Q2 2024. This growth is even more pronounced in the quarterly figures, showing a 31.25% increase in Q2 2024.
The company's profitability is also noteworthy. InvestingPro Tips highlight that Energy Recovery boasts impressive gross profit margins, which is reflected in the data showing a gross profit margin of 67.47% for the last twelve months. This strong margin suggests efficient operations and potentially pricing power in its niche market.
Despite the recent insider sale, which was conducted for tax purposes, the company's financial health appears robust. An InvestingPro Tip indicates that Energy Recovery holds more cash than debt on its balance sheet, which is a positive sign for financial stability and flexibility.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Energy Recovery, providing a deeper understanding of the company's financial position and market performance.
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