Energy Recovery Announces New Share Repurchase Program
•New $30 million program follows Q4 2024 completion of share repurchase announced in November 2024
•Board authorization underscores balance sheet strength and free cash flow generation as company executes growth strategy
•Continued cost management and margin improvement initiatives driving confidence in long-term strategic operating plan
SAN LEANDRO, Calif. - Feb. 26, 2025 - Energy Recovery, Inc. (Nasdaq: ERII) today announced its Board of Directors approved a share repurchase program to purchase up to $30 million of the company's outstanding common stock over the next 12 months, beginning in February 2025.
The new program is in addition to a $50 million share repurchase program announced in November and completed in Q4 2024. Under the previous program, the company repurchased 3.2 million shares for an average price of $15.39 per share.
"With strong confidence in our growth strategy and ability to improve margins while reducing costs, we are pleased to continue returning excess cash to shareholders," said David Moon, Energy Recovery President and CEO. "We expect to continue generating cash flow above capital expenditures and growth capital requirements in 2025 as we have for the last several years."
Under the newly authorized repurchase program, purchases of shares of common stock may be made from time to time through open market trades, block trades and/or privately negotiated transactions, in compliance with applicable state and federal securities laws. The timing and amounts of any purchases will be at management's discretion and depend on a variety of factors, including business, economic, and market conditions, regulatory requirements, prevailing stock prices, and other considerations. The share repurchase program does not obligate the company to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time without prior notice.
Attachments
Disclaimer
ERI - Energy Recovery Inc. published this content on February 26, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 26, 2025 at 21:15:07.568.
