Ballard Power (BLDP) Posts Q3 Loss of 2c/Share; Now Sees FY14 Top-Line Growth of 20%

Ballard Power (NASDAQ: BLDP) reported Q3 EPS of ($0.02), $0.01 worse than the analyst estimate of ($0.01). Revenue for the quarter came in at $20.6 million versus the consensus estimate of $22.4 million.

"Third quarter results reflect continuing progress in the business, including year-on-year improvements of 21% in revenue, 15% in cash operating costs, 40% in cash used by operating activities in addition to positive Adjusted EBITDA of $0.5 million," said John Sheridan, who retired as President and CEO on October 6.

Randy MacEwen, Mr. Sheridan's successor, added, "The leadership transition has gone very smoothly and now, three weeks into the CEO role, I am fully engaged in driving the Q4 execution priorities together with the 2015 planning process and am excited by Ballard's growth prospects."

While progress in top-line growth has been achieved each quarter in 2014, year-to-date revenue growth of 21% is lower than initially expected. The Company is therefore resetting guidance to:

• Revenue growth of approximately 20%; and
• Adjusted EBITDA improvement of approximately 65%.

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

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