SAN LEANDRO, Calif. (AP) _ Energy Recovery Inc. (ERII) on Thursday reported first-quarter net income of $2.7 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the San Leandro, California-based company said it had profit of 5 cents.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.
The maker of energy recovery devices posted revenue of $16.1 million in the period, which met Street forecasts.
Energy Recovery shares have increased 40% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $9.40, a climb of 17% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ERII at https://www.zacks.com/ap/ERII