Clean Diesel Technologies (CDTI) Posts Q2 EPS of 35c; Revises FY16 Outlook

August 15, 2016 8:08 AM EDT
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Clean Diesel Technologies (NASDAQ: CDTI) reported Q2 EPS of $0.35, which may not compare with the analyst estimate of ($0.47). Revenue for the quarter came in at $8.4 million versus the consensus estimate of $9.19 million.

EPS included an accounting gain of $2.8 million related to the conversion feature of the Kanis S.A. debt.

Tracy Kern, CDTi’s CFO, stated, “We now expect full year 2016 revenue to be at the lower end of our guided range of between $39 million and $43 million. We believe DuraFit™ will continue to partially offset the decline in legacy retrofit revenue; however, we now expect its full year revenue contribution will approximate $7 million due in part to supply chain issues related to the closure of our Markham facility in December 2015. We expect this to be positively offset by a greater than anticipated revenue ramp from Panasonic related to shipments of our synergized-platinum group metal (SPGM™) diesel oxidation catalysts (DOCs). In addition, based on the transition costs related to the closure of our Markham facility, we expect gross margin to be between 25% and 27%. Based on these assumptions and cost reductions undertaken in 2015 and 2016, we now expect to be breakeven on an income from continuing operations basis by the first quarter of 2017.”

For earnings history and earnings-related data on Clean Diesel Technologies (CDTI) click here.

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