Energy Recovery Falls 6% After Missing Estimates (ERII)

Shares of Energy Recovery, Inc. ERII are trading down 6% at $3.44 per share during the Friday morning trading session. The day's trading range for shares of Energy Recovery, Inc has been between $3.33 and $3.59 per share. Analysts covering the company's stock give it a consensus price target of $4.62 per share. Volume of 316,000 shares is already approaching the daily average volume of 317,000 shares. Energy Recovery (ERII) announced on Thursday after the market closed that it missed consensus Wall Street expectations. Energy Recovery, Inc announced a 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 chief executive officer 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.” Read more from Benzinga's Company news.