PROVIDENCE – Aspen Aerogels Inc. posted a profit of $16.8 million in the second quarter of 2024, or 21 cents per diluted share, compared with a $15.4 million loss one year prior, or 22 cents per diluted share, the company reported Wednesday.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 5 cents per share.
The Northborough, Mass.-based company, which designs, develops and manufactures aerogel insulation and has a manufacturing facility in East Providence, said revenue totaled $117.7 million in the quarter, up from the $48.1 million in the second quarter of 2023.
"This quarter's results demonstrate the significant operating leverage of our business model as we continue to utilize a higher percentage of our current capacity and effectively execute our strategy," said Don Young, Aspen's CEO and president. "We saw strong revenue and profitability growth across both of our business segments."
Aspen Aerogels shares have increased 17% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $18.50, more than doubling in the last 12 months.
(Material from The Associated Press was used in this story.)