The technology company upped its 3Q earnings per share guidance to C$0.07 from C$0.06 and said it expects to deliver earnings per share of C$0.11 for the full year.
In a statement Thursday, Montreal-based PyroGenesis said its management continues to expect “significant” revenue growth.
“We understand the market’s interest in our providing guidance, so we are progressing cautiously and conservatively as we are committed to meet or exceed market expectations,” said Peter Pascali, CEO of PyroGenesis.
“Our confidence, and increased visibility, in our Q3 2020 results has resulted in this update, and we will continue to provide such updates as needed. The company continues to exceed internal expectations in the execution of all its projects and business lines with little to no impact from the summer holiday period nor the ongoing pandemic.”
During its second quarter, the company posted revenue of more than C$2.1 million for the three months ended June 30, up 133% from $913,769 in the same period of 2019. The revenue jump was due in part to its contract with waste management company Drosrite International LLC, which licenses PyroGenesis to manufacture and sell aluminum dross processing Drosrite systems and technology to Saudi Arabia and other Middle Eastern countries.
Pascali told shareholders in July that the firm expects to be profitable in both its 3Q and year end results.
Shares of PyroGenesis nudged 0.2% higher in Toronto on Thursday afternoon at C$5.60.
--Updates for stock price--
Contact Angela at firstname.lastname@example.org
Follow her on Twitter @AHarmantas