Wall Street bullish on Northborough manufacturer after Chinese patent win
Photo | Grant Welker
Aspen Aerogels's Northborough facility
The stock price of Aspen Aerogels jumped 4.6% in Friday morning trading after the Northborough manufacturer reported its third quarter losses had been cut by 64% compared to last year.
The rise in Aspen's stock price to $6.11 per share at 10:35 a.m. Friday on the New York Stock Exchange outpaced the gains Friday for both Dow Jones Industrial Average and the S&P 500, which were 0.8%.
The positive earnings report released by the company was the first since Aspen in August successfully resolved its long-running patent case against Chinese companies Guangdong Alison Hi-Tech Co., Ltd and Nano Tech Co., Ltd. for infringing on the Northborough company's intellectual property.
In the earnings report, the manufacturer of aerogel material announced total revenue for the third quarter was up 48% to $35.4 million compared to $23.9 million in the third quarter last year. Third quarter net losses were down 64% to $2.3 million compared to a net loss of $6.5 million in the third quarter 2018.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the third quarter was $1.4 million compared to a loss of $2.7 million in the third quarter of 2018.
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