Energy Recovery reports Q1 adjusted EPS (8c), consensus (13c)

Reports Q1 revenue $13.4M, two estimates $13M. Robert Mao, Chairman, President and CEO, commented on the financial results: "As we guided in February, our desalination revenue for 2023 will be heavily weighted to the second half of this year due to the expected timing of megaproject shipments, which is how the year has started. As previously indicated, we expect our desalination business to grow between 3-7% this year. We also continue to see increasing demand for our wastewater products and are adding new countries outside of China and India to our pipeline in Southeast Asia and Latin America. We expect to expand our sales and marketing capabilities this year to successfully address these opportunities, as we seek to double this business in 2023 and 2024."