Energy Recovery , Inc. (NASDAQ:ERII), a leader in pressure energy technology for industrial fluid flows, announced the appointment of Mr. Brandon Young as the company's interim Chief Accounting Officer. The announcement, based on a recent SEC filing, comes following a decision by the Board of Directors on July 10, 2024.
Mr. Young, 51, has been with Energy Recovery since 2012 and has served as the company's VP, Corporate Controller since May 2022. In recognition of his new role, the company granted Mr. Young restricted stock units valued at $20,000. His prior experience includes a six-year tenure in the accounting division at McKesson Corporation (NYSE:MCK), a pharmaceutical distributor, and significant time at public accounting firms, including Ernst & Young LLP. Mr. Young is a certified public accountant licensed in California and holds a bachelor's degree from the University of California, Los Angeles.
The company's filing indicates no familial relationships between Mr. Young and any executive officers or directors of the company. Additionally, there are no reported related party transactions involving Mr. Young that would require disclosure under SEC regulations.
In other recent news, Energy Recovery, Inc. reported key developments in its operations and financial status. The company recently disclosed the departure of its Chief Financial Officer, Joshua Ballard, effective as of June 30, 2024. As part of the departure terms, Energy Recovery will pay Mr. Ballard a lump sum of $400,000. In addition, the company has secured contracts worth $15 million to provide its PX Pressure Exchanger devices to seawater reverse osmosis (SWRO) desalination plants in India, contributing to the country's efforts to address water stress.
Furthermore, Energy Recovery reported first-quarter 2024 revenues of $12.1 million, aligning with the company's guidance. The firm is also diversifying into the wastewater and CO2 refrigeration markets as part of its growth strategy. Despite a loss in the first quarter, the company anticipates a positive financial turnaround in the latter half of the year, backed by significant contracts and a robust pipeline for 2025. These recent developments underscore Energy Recovery's ongoing commitment to operational excellence and financial stability.
InvestingPro Insights
In the wake of Energy Recovery, Inc.'s latest executive appointment, investors may find additional context in the company's financial health and market performance. According to InvestingPro data, Energy Recovery holds a market capitalization of $847.34 million and boasts a notable gross profit margin of 67.74% for the last twelve months as of Q1 2024, underscoring the company's efficiency in managing its cost of goods sold. Furthermore, the company has demonstrated a robust revenue growth of 19.35% during the same period, indicating a healthy expansion in its business operations.
InvestingPro Tips suggest that Energy Recovery is in a strong liquidity position, with cash reserves exceeding debt, and liquid assets surpassing short-term obligations. Additionally, the company's impressive gross profit margins highlight its ability to retain a significant portion of sales revenue after accounting for the cost of goods sold. On the flip side, analysts have revised their earnings expectations downwards for the upcoming period, which could be a point of consideration for potential investors. With these insights, shareholders may gain a more comprehensive understanding of Energy Recovery's financial standing and market potential.
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