Aspen Aerogels stock tumbles after missing Q4 revenue expectations
Photo | Grant Welker
Aspen Aerogels's Northborough facility
Despite strong numbers, Northborough insulation product manufacturer Aspen Aerogels stock slipped 12% in morning trading after missing its fourth quarter revenue goal.
According to a announcement from the company on Thursday, total revenue for the fourth quarter was $46.5 million compared to $35.7 million in the fourth quarter of 2018. Although a major improvement, this was below expectations and sent the company’s stock tumbling Friday morning, declining over 14% by 10 a.m. before bouncing back slightly to about $9.50 per share on the New York Stock Exchange.
The overall numbers for the company were positive in the fourth quarter. Fourth quarter net loss was $1.0 million compared to a net loss of $14.1 million in the fourth quarter of 2018. Net loss per share for the fourth quarter was $0.04 compared to $0.59 in the fourth quarter last year.
Total revenue for the year was $139.4 million compared to $104.4 million in 2018. Net loss for the year was $14.6 million compared to $34.4 million in 2018. Net loss per share for the year was $0.60 compared to $1.45 in 2018.
In a statement, the president and CEO of Aspen, Don Young, attributed the growth to strong demand in core North American petrochemical and refinery markets. Additionally, he said the company has made progress on leveraging aerogel technology to improve the performance of lithium-ion batteries with a particular focus on the electric vehicle market.
Net loss during the fourth quarter and full year 2018 included an impairment charge of $7.4 million, or $0.31 per share, on pre-construction and related costs for the proposed manufacturing facility in Statesboro, Ga.
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