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What: Shares of energy services company Heckmann (NYS: HEK) were getting cheers from investors today, rising as much as 10% in intraday trading after the company reported third-quarter results.
So what: "Our revenues, adjusted EBITDA and net income performance reflect our added capabilities to generate internal growth." So said CEO Richard Heckmann of the company's quarterly performance. And the numbers seem to confirm Heckmann's bullish view, as revenue soared to $47.8 million from just $1.9 million last year and also topped analysts' estimate of $45.3 million. Earnings per share came in at $0.02, reversing a loss of $0.02 last year and topping the $0.01-per-share loss that analysts were expecting.
Now what: Heckmann's growth from last year was spectacular, as the company ramped up its core water-solutions business. Looking ahead, analysts see big growth continuing, with per-share profit of $0.04 in 2011 more than quadrupling to $0.18 in 2012. However, investor expectations also seem to be high as well, as today's stock price of $6.44 is nearly 36 times expected 2012 earnings.
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