FREMONT, Calif. - Amprius Technologies, Inc. (NYSE: AMPX), known for its Silicon Anode Platform lithium-ion batteries, announced the appointment of Livingston "Tony" Satterthwaite to its Board of Directors on Tuesday. Satterthwaite, who brings over three decades of experience in transportation and power generation, will also join the Board’s Compensation Committee.
Satterthwaite's expertise is expected to enhance Amprius’ strategies in product development and customer engagement within the transportation sector. Don Dixon, Chairman of the Board, expressed confidence that Satterthwaite's leadership will be instrumental as the company aims to make strides in the electric mobility industry.
Satterthwaite, who joined Amprius’ Advisory Council in September 2023, holds director positions at IDEX Corporation (NYSE: NYSE:IEX), The Chemours Company (NYSE: NYSE:CC), and the Cummins (NYSE:CMI) Foundation. He is also a Senior Vice President at Cummins, Inc., focusing on large enterprise challenges and the alignment of business units across IT and digital products.
In related news, Mary Gustanski has stepped down from her position on the Board as of August 12, 2024. Amprius expressed gratitude for her contributions during her tenure. The Board will maintain its composition of seven directors, with six being independent.
Amprius is a leading producer of high-energy lithium-ion batteries, boasting the industry’s highest-known energy density cells. With products like SiMaxx™ and the newly introduced SiCore™ platform, the company caters to a broad range of customer applications.
Amprius operates a research and development lab and a manufacturing facility in Fremont, California, and has secured a gigawatt-hour-scale facility in Brighton, Colorado to meet customer demand.
In other recent news, IDEX Corporation's recent earnings and revenue results have prompted multiple financial firms to adjust their outlooks on the company. Analysts from TD Cowen, DA Davidson, Oppenheimer, and Citi have all revised their price targets for IDEX.
TD Cowen maintained a Buy rating but lowered the target to $230, citing market weakness and missed opportunities. DA Davidson and Oppenheimer also reduced their targets to $210 and $238, respectively, despite maintaining their Neutral and Outperform ratings. Citi, while maintaining a Buy rating, decreased its target to $249 in light of IDEX's second-quarter results.
These revisions followed IDEX's second-quarter results, which saw the company surpass estimates with an adjusted earnings per share (EPS) of $2.06. However, consolidated revenue saw a 5% year-over-year decrease, primarily due to weakness in core HST sales. Furthermore, IDEX revised its 2024 organic sales guidance downward, now expecting a 1-2% year-over-year decrease.
InvestingPro Insights
The recent board appointment at Amprius Technologies, Inc. coincides with notable insights from IDEX Corporation (NYSE: IEX), where newly appointed director Livingston "Tony" Satterthwaite also serves. IDEX has been demonstrating financial resilience and investor confidence in several ways. An InvestingPro Tip highlights that IDEX has raised its dividend for 14 consecutive years, showcasing a commitment to returning value to shareholders. This could suggest a level of financial stability and foresight in capital allocation that Satterthwaite may bring to his role at Amprius.
InvestingPro Data further reveals key metrics about IDEX Corporation that may provide context to Satterthwaite's financial and strategic influence. IDEX has a market capitalization of 14.73 billion USD, indicating a robust presence in its sector. The company operates with a moderate level of debt, according to another InvestingPro Tip, which could be a sign of prudent financial management that Satterthwaite is likely to advocate for at Amprius.
However, it's worth noting that 9 analysts have revised their earnings downwards for IDEX in the upcoming period. This suggests there are challenges ahead that will require strategic adjustments—challenges Satterthwaite may be well-equipped to navigate given his extensive experience.
For readers interested in a deeper dive, there are additional InvestingPro Tips available on https://www.investing.com/pro/IEX, which could enrich their understanding of the financial landscape that influences board members' decision-making processes.
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