Aspen Aerogels reports 20% revenue increase in 2015, narrows loss

NORTHBOROUGH, Mass. – Aspen Aerogels Inc., an energy technology company, reported a 20 percent increase in revenue in 2015, to $122.5 million, and narrowed its loss for the year to $6.4 million, or 28 cents per diluted share.
A year ago, revenue was $102.4 million, and the loss was $66.3 million, or $5.37 per share.
Fourth quarter results were positive, as revenue climbed 34 percent to $37.4 million from $28 million in fourth quarter 2014, and profit grew to $1.6 million, or 7 cents per diluted share, compared with a loss of $2.7 million, or 12 cents per diluted share, in the prior-year quarter.
The company said its fourth quarter revenue was a “record.” It also said that the positive earnings per share represented a first since Aspen Aerogels’ initial public offering in 2014.
Don Young, president and CEO of Aspen Aerogels, said in a statement that he was pleased with the fourth quarter results “given the challenging energy environment.” He said a “favorable product mix” and “solid manufacturing performance” boosted results.
Young said the East Providence plant operated at full capacity in the fourth quarter, and output from the company’s third manufacturing line continues to exceed expectations.
“Our 34 percent revenue growth rate reflected strong demand in the subsea, Asian and European markets,” Young said.
Young said last year was an important one for the company, as it began operating its third manufacturing line in East Providence, and also selected Statesboro, Ga., for the site of its second manufacturing facility.
“We won our first large scale LNG [liquefied natural gas] project, made inroads in the district heating market and accelerated efforts to broaden and diversify our markets. We achieved strong revenue growth, significant improvements in profitability and exited the year with over $32 million in cash and a clean balance sheet. Our business remains strong and we are committed to performing well in a tough market during 2016,” Young said.
For 2016, Aspen Aerogels expects revenue between $117 million and $122 million, and earnings per share at a loss between 6 and 15 cents.

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