Aspen Aerogels reports loss, revenue increase in 1Q

ASPEN AEROGELS cut its first-quarter loss by $1 million to $1.8 million, or 8 cents per diluted share.
ASPEN AEROGELS cut its first-quarter loss by $1 million to $1.8 million, or 8 cents per diluted share.

NORTHBOROUGH, Mass. – Aspen Aerogels Inc. cut its first-quarter loss by $1 million to $1.8 million, or 8 cents per diluted share.
That compares with 2015’s first-quarter loss of $2.8 million, or 12 cents per diluted share, a difference of nearly 36 percent.

The energy technology company did not give an explanation for the loss, and it did not immediately respond to a request for comment.
It also said that on a non-GAAP basis, a measure of operating performance that companies use that reverses out restructuring, financing, hedging, changes in the fair value of fixed and intangible assets, deferred income tax and other tax expense and amortization of financing costs, the company had profit of $2 million in the first quarter, compared with profit of $734,000 a year ago.

Aspen, which has a facility in East Providence, said revenue grew 39.7 percent to $32.8 million from $23.5 million a year ago. It said revenue was boosted by “strong demand” in the petrochemical market in Asia, as well as a “significant” sub-sea project this year and “resurgent demand” in the building materials market in Europe.

“We also substantially completed deliveries on our first large-scale LNG project during the quarter,” Don Young, president and CEO of Aspen Aerogels, said in a statement.
Young said the company this week also filed a complaint with the U.S. International Trade Commission alleging that two China-based companies engaged in unfair trade practices by importing and selling aerogel products in the United States that infringe on several of Aspen’s patents.

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“Taking this action reflects our core strategy to invest in the research, development, IP protection, commercialization and defense of our aerogel technology worldwide. Accordingly, we are taking a series of preemptive legal actions to assert our rights against companies that infringe our patents. We have engaged Fish and Richardson, a leading global intellectual property and litigation law firm, to represent us at the ITC. … We are committed to protecting our intellectual property rights and the ITC action will play an important role in that effort,” Young said.
Looking ahead, the company said 2016 revenue is expected to range between $117 million and $125 million, a slight increase from $117 million and $122 million previously released. Earnings per share for the year are expected to range between a loss of 9 cents and 16 cents, compared with the previously announced loss of 6 cents and 15 cents a share.

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