Evoqua Water Technologies Rises On Better-than-expected Results
Shares of Evoqua Water Technologies Corp. (AQUA), a provider of water and wastewater treatment systems and technologies, are rising more than 8% Tuesday morning after reporting better-than-expected fourth-quarter results.
Profit for the quarter increased to $41.3 million, or $0.33 per share from $26.9 million or $0.22 in the prior year period.
The increase in net income was favorably impacted by a non-cash benefit of $17.3 million associated with the release of a tax valuation allowance, as well as increased operational volume.
Analysts on average, were expecting earnings of $0.32 per share.
Revenue for the quarter increased 18.5% year-on-year to $504.8 million. The consensus estimate was for $465.75 million.
AQUA, currently at $42.17, has traded in the range of $30.44-$49.38 in the last 1 year.
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