Ballard Power Systems 2Q Loss Narrows, Revenue Rises

Dow Jones07-31

Ballard Power Systems' second-quarter loss narrowed thanks to a boost in revenue from nearly all its segments.

The fuel cell company posted on Friday a net loss from continuing operations of $20.3 million, or 7 cents a share, compared with a loss of $24.3 million, or 8 cents a share, in the comparable quarter a year ago.

Adjusted loss before interest, taxes, depreciation and amortization--a metric which strips out exceptional and other one-off items--was $9.8 million, improved from a loss of $30.6 million, driven primarily by margin and operating cost improvements. Analysts expected a $13.3 million loss for the metric.

Revenue rose 15% to $20.6 million, missing analyst forecasts of a rise to $25.6 million.

The company's rail segment, its second largest, saw a 43% decline in revenue to $4.1 million, while its other segments, bus, stationary and other markets, all saw an increase.

Looking ahead, Ballard said it expects revenue to be back-half weighted in the year, with operating expenses in the range of $65 million to $75 million, and capital expenditures of $5 million to $10 million.

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