Ballard Power Posts Smaller-Than-Expected Loss

Posted by Joseph R. Fonseca
Monday, April 28, 2014
Ballard Power Systems

 

Canadian fuel cell maker Ballard Power Systems Inc posted a smaller-than-expected quarterly loss, helped by higher revenue from its engineering services and material handling businesses.

Revenue from Ballard's engineering services business, which counts Volkswagen AG among its customers, rose nearly threefold in the first quarter ended March 31.

The business accounted for half of Ballard's total revenue in the quarter.

Ballard said it expected to begin supplying fuel cell stacks to service Plug Power Inc's order with Wal-Mart Stores Inc in the second half of this year.

Plug Power said in February it would supply 1,738 hydrogen fuel cells, used to power forklifts and other material-handling equipment, to Wal-Mart.

Ballard was Plug Power's exclusive supplier of fuel cell stacks in North America and some European countries until Plug Power bought fuel-cell stack maker ReliOn Incearlier this month.

Ballard's net loss narrowed to $3.8 million, or 3 cents per share, in the first quarter from $7.9 million, or 7 cents per share, a year earlier.

Revenue rose 13 percent to $14 million.

Analysts on average had expected a loss of 4 cents per share on revenue of $15.3 million, according to Thomson Reuters I/B/E/S.

Ballard, whose customers include BAE Systems and Toyota Motor Corp, said in February that it expected revenue to grow about 30 percent this year.

Burnaby, British Columbia-based Ballard acquired fuel cell intellectual property assets of United Technologies Corp earlier this month to benefit from its patent licensing revenue.

Ballard's shares closed at C$4.49 on the Toronto Stock Exchange on Monday. The stock has risen more than 185 percent this year.

(Reporting by Sampad Patnaik and Anannya Pramanick in Bangalore; Editing by Kirti Pandey)

Maritime Reporter February 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Scorpio Takes Delivery of STI Veneto

Scorpio Tankers Inc. has taken delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries Co., Ltd. This vessel will begin a voyage for 60 days at approximately $32,

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

PHA Budgets $ 275 mi for Capital Improvements

In 2015, the Port of Houston Authority has budgeted $275 million for various capital improvement projects. About $184 million is being allocated to its container

News

5 Rescued from Sinking Vessel off Monterey Coast

Coast Guard rescued five people from a sinking 65-foot sailing vessel approximately 120 miles off the Monterey coast, Saturday. At approximately 8 a.m. Saturday,

CMA CGM Opens Two Offices

CMA CGM Opens a new branch in Constantine, (Algeria) and an agency in Sihanoukville, (Combodia) Following are the addresses in the respective countries: CMA CGM Algérie,

Barril Appointed COO of SBM Offshore

SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015.  Philippe's appointment as a

 
 
Maritime Contracts Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3176 sec (3 req/sec)