Aspen Aerogels (NYSE: ASPN) reported Q1 EPS of ($0.08), $0.04 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $32.8 million versus the consensus estimate of $31.91 million.

GUIDANCE:

Aspen Aerogels sees FY2016 EPS of ($0.09)-($0.16), versus prior guidance of ($0.06)-($0.15) and the consensus of ($0.12). Aspen Aerogels sees FY2016 revenue of $117-125 million, versus the consensus of $121.14 million.

"We achieved solid revenue, gross profit and Adjusted EBITDA growth supported by output from our third production line. Our 40% revenue growth rate reflected strong demand in the petrochemical market in Asia, a significant subsea project this year, and resurgent demand in the building materials market in Europe. We also substantially completed deliveries on our first large scale LNG project during the quarter," said Don Young, President and CEO of Aspen Aerogels.

Mr. Young continued, "Today, we filed a complaint with the United States International Trade Commission (ITC) alleging that two China-based companies engaged in unfair trade practices by importing and selling aerogel products in the United States that infringe several of our patents. Taking this action reflects our core strategy to invest in the research, development, IP protection, commercialization and defense of our aerogel technology worldwide. Accordingly, we are taking a series of preemptive legal actions to assert our rights against companies that infringe our patents. We have engaged Fish and Richardson, a leading global intellectual property and litigation law firm, to represent us at the ITC."

"The ITC helps to protect innovative American manufacturers from unfair trade practices including the importation and sale of products in the United States that infringe patented technologies. We are committed to protecting our intellectual property rights and the ITC action will play an important role in that effort," concluded Mr. Young.

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