SAN LEANDRO, Calif. - Energy Recovery , Inc. (NASDAQ:ERII), known for its energy efficiency technology, has announced that Chief Financial Officer Joshua Ballard will resign from his role by the end of June 2024. The company has initiated the process to find a successor with the assistance of the executive search firm Korn Ferry (NYSE:KFY).
David Moon, President and CEO of Energy Recovery, expressed gratitude towards Ballard for his leadership and the impact he has had on the company's operational and financial strengthening. Moon emphasized that Ballard will assist with the transition process to ensure continued growth and financial stability.
Ballard, who joined the company in 2018, has been instrumental in delivering consecutive years of revenue and profit growth. He has also been credited with maintaining a robust cash position as the company diversified its portfolio beyond its foundational desalination business.
Commenting on his departure, Ballard shared his pride in the company's progress and expressed confidence in Moon's leadership during the company's next expansion phase. He assured his commitment to a smooth transition.
Energy Recovery has been a significant player in the energy sector for over 30 years, focusing on cost-saving and energy-efficient solutions across various industries. The company, headquartered in the San Francisco Bay Area, operates manufacturing, research, and development facilities in California and Texas, with a global sales and technical support presence.
This announcement is based on a press release statement and contains forward-looking statements subject to risks and uncertainties. The actual future events or results may differ materially from those anticipated in these statements.
InvestingPro Insights
As Energy Recovery, Inc. (NASDAQ:ERII) prepares for a leadership transition with the upcoming resignation of CFO Joshua Ballard, the company's financial metrics and market performance remain a key focus for investors. According to InvestingPro data, ERII holds a market capitalization of $882.81 million, with a P/E ratio standing at 56.5, reflecting a high earnings multiple when compared to industry peers. The adjusted P/E ratio for the last twelve months as of Q3 2023 is slightly higher at 58.35.
One of the standout features of Energy Recovery's financial health is its impressive gross profit margin, recorded at 68.29% for the last twelve months as of Q3 2023. This figure underscores the company's ability to maintain profitability despite market fluctuations. Additionally, the company's liquid assets have been reported to exceed short-term obligations, indicating a strong position to cover immediate liabilities.
Despite recent market challenges, as evidenced by a 43.2% drop in the stock price over the last six months, InvestingPro Tips suggest potential for recovery. Analysts predict that Energy Recovery will be profitable this year, and the company has been profitable over the last twelve months. Moreover, Energy Recovery's balance sheet strength is highlighted by the fact that it holds more cash than debt, providing a cushion against market volatility and the ability to invest in growth opportunities.
For investors seeking a more comprehensive analysis and additional InvestingPro Tips, there are 12 more tips available on InvestingPro's platform. These insights could prove valuable in assessing the company's future, especially considering the leadership changes on the horizon. To access these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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