Aspen Aerogels narrows loss in 2Q

NORTHBOROUGH, Mass. – Aspen Aerogels Inc. narrowed its loss to $2.7 million and reported what it characterized as “record” second-quarter revenue for the period that ended June 30.
Aspen Aerogels, an energy technology company with operations in East Providence, on Thursday said it narrowed its loss to $2.7 million, or 12 cents per diluted share in the quarter, compared with a loss of $42.1 million, or $13.88 per diluted share, in the year-ago quarter. The company’s operating loss improved as well, from $8.1 million last year to $2.7 million this year. Although the company did not provide a detailed explanation for the large difference in net income, the statement of operations reported an interest expense of $34 million in the second quarter of 2014, compared with interest expense of $45,000 in the comparable period this year.

The company said second-quarter revenue was $30.1 million, a 13.1 percent increase when compared with 2014 second quarter revenue of $26.6 million.

Product revenue increased 15 percent year over year to $29.8 million, the company said.
Don Young, president and CEO of Aspen Aerogels, said in a statement that he was pleased with the second-quarter results.
“We continued to achieve solid revenue, gross profit and adjusted EBITDA growth supported by output from our third manufacturing line. Strong demand from Asia and Europe more than offset the previously identified weakness in the Canadian oil sands and Latin American markets and highlighted the importance of the diversified sources of our revenue,” Young said, adding they “remain confident of our business outlook for the remainder of the year.”
He said the company’s second manufacturing plant remains on track to begin operating in late 2017. The company has narrowed the site selection to a single site in the Southeastern part of the country.
As for the full-year outlook, the company is expecting revenue to range between $118 million and $122 million, an improvement from previous guidance of $113 million to $117 million. Earnings per share are expected to be a loss ranging from 20 to 25 cents.

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