By Ben Glickman
Shares of Aspen Aerogels rose after the company revised up its full-year earnings outlook and said it had seen no impact from the United Auto Workers strike.
The stock was up 25% to $8.31 in Tuesday trading. Shares are down 29% this year.
The Northborough, Mass.-based company, which supplies thermal gels for use in electric vehicles, said it now expects revenue of more than $225 million, compared with previous outlook of $200 million to $250 million.
The company said its full-year outlook hadn’t been affected by the UAW strike or any announcements about revised timing of EV capacity investments.
Chief Financial Officer Ricardo Rodriguez said the company had “developed out operating and investment plans with our eyes wide open in a high cost of capital environment.”
Aspen now expects a net loss of $52.4 million to $62.4 million, compared with prior guidance of $75 million to $85 million.
Write to Ben Glickman at [email protected]
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