SAN LEANDRO, Calif. (AP) — SAN LEANDRO, Calif. (AP) — Energy Recovery Inc. (ERII) on Wednesday reported a loss of $12.3 million in its first quarter.
The San Leandro, California-based company said it had a loss of 23 cents per share. Losses, adjusted for non-recurring costs and stock option expense, came to 11 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 10 cents per share.
The maker of energy recovery devices posted revenue of $9.7 million in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $8.7 million.
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