Ballard Power (BLDP) Posts Q1 Loss of 3c/Share; Sees FY14 Revs Up ~30%

Ballard Power Systems Inc. (NASDAQ: BLDP) reported Q1 EPS of ($0.03), $0.01 better than the analyst estimate of ($0.04). Revenue for the quarter came in at $14 million versus the consensus estimate of $15.67 million.

John Sheridan, President and CEO said, "Our Q1 results reflect continued improvement in key metrics, consistent with our business outlook and full-year guidance for 2014. Top line revenue grew 13% year-over-year and, on the bottom line, we achieved a 23% reduction in cash operating costs and a 60% improvement in Adjusted EBITDA. We also strengthened our liquidity position, ending Q1 with cash reserves of $41.6 million, due primarily to the exercise of warrants related to our 2013 equity financings."

Mr. Sheridan added, "Also, after the quarter we were pleased to close a strategic transaction with United Technologies Corporation, giving Ballard a commanding industry position in fuel cell intellectual property and strengthening our ability to grow shareholder value."

2014 Business Outlook

The Company has confirmed its full year guidance for:

• Revenue growth of approximately 30%; and
• Approximately break-even Adjusted EBITDA.

For earnings history and earnings-related data on Ballard Power Systems Inc. (BLDP) click here.

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