Ballard’s net loss narrows to USD 4.5m in Q2 2014

Jul 30, 2014 - Canadian fuel cell maker Ballard Power Systems (TSE:BLD) Tuesday said its net loss narrowed by 14% to USD 4.5 million (EUR 3.4m) for the second quarter of 2014 on the back of a strengthening sales pipeline.

The company’s loss per share shrank by 35% to USD 0.03.

Ballard’s adjusted loss before interest, tax, depreciation and amortisation (LBITDA) narrowed by 63% year-on-year to USD 1.2 million. Its gross margin improved to 25% from 23%.

Revenues from fuel cell products and services in April-June increased to USD 18.5 million from USD 14.6 million, mainly due to a 40% rise in engineering services to USD 8.8 million and a 209% jump in the sales of material handling systems to USD 4.6 million.

For the first six months of 2014, Ballard booked a net loss of USD 8.3 million, narrowing its year-ago deficit of USD 13.1 million. Revenues marked a 21% jump to USD 32.5 million.

The company reiterated its guidance for 2013 of an over 30% year-on-year rise in revenues, while adjusted earnings before interest and tax (EBITDA) are seen to break even.

Ballard Power Systems supplies backup power systems for the telecoms and automotive sectors and fuel cells for forklifts and buses. Its customers include Volkswagen AG, Toyota, BAE Systems, Van Hool.

(USD 1 = EUR 0.746)

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