FX.co ★ Aspen Aerogels Stock Jumps 37% On Q1 Results, Updated Outlook

Shares of industrial technology company, Aspen Aerogels (ASPN), experienced a significant surge of over 37% on Thursday morning. This leap came after the company's announcement of a first-quarter loss that was more narrow than expected by Wall Street, prompting a revision of its full-year financial projection.

Trading on the New York Stock Exchange, Aspen Aerogels' stocks are now priced at $20.92, marking an increase of $5.70 or 37.44%. The stock commenced trading for the day at $19.79 following its closure at $15.22 on Wednesday. Over the last 52 weeks, the stock has ranged between $5.32 and $21.50.

The company reported its first-quarter revenues at $94.5 million, almost double from the same period the previous year which stood at $45.6 million. Its net loss for the quarter was calculated at $1.8 million or $0.02 per share. This figure is significantly lower compared to the net loss of $16.8 million or $0.24 per share recorded last year. Financial analysts from Thomson Reuters had anticipated a greater loss of $0.11 per share.

As we look toward the company's performance in 2024, Aspen Aerogels now projects its revenues to surpass $380 million, along with an earnings per share (EPS) of $0.03. This represents a significant improvement on its previous forecast, which anticipated revenues to exceed $350 million and an EPS loss of $0.30.

For this current quarter, financial analysts have estimated a loss of $0.19 per share and revenues amounting to $362.04 million.