SAN LEANDRO, Calif. (AP) — SAN LEANDRO, Calif. (AP) — Energy Recovery Inc. (ERII) on Wednesday reported fourth-quarter net income of $26.9 million.

On a per-share basis, the San Leandro, California-based company said it had net income of 50 cents. Earnings, adjusted for one-time gains and costs, were 53 cents per share.

The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.

The maker of energy recovery devices posted revenue of $66.9 million in the period.

For the year, the company reported profit of $23 million, or 42 cents per share. Revenue was reported as $135 million.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ERII at https://www.zacks.com/ap/ERII