Hydrogenics (HYGS) Tops Q3 EPS by 3c

November 7, 2016 6:34 AM EST
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Hydrogenics (NASDAQ: HYGS) reported Q3 EPS of ($0.15), $0.03 better than the analyst estimate of ($0.18). Revenue for the quarter came in at $6.73 million versus the consensus estimate of $10.18 million.

“The third quarter was a very busy time for Hydrogenics, as we won new orders that increased our backlog to the highest level in corporate history,” said Daryl Wilson, Hydrogenics’ CEO and President. “With such awards in hand and given project timing, we expect stronger revenue in the fourth quarter and are well-positioned for higher growth in 2017. This quarter saw Alstom unveil its first fuel cell-powered train, at the InnoTrans railroad industry trade show in Berlin, and German aerospace leader DLR with the launch of its four-person HY4 plane, both using Hydrogenics technology. These were groundbreaking developments that relied on our applications engineering strength and advanced PEM fuel cell technology.

“In addition, we recently secured a new five year, $9 million debt facility. We remain on track with our long-term contracts for an Enbridge energy storage facility in Toronto, heavy-duty fuel cells for Alstom, our propulsion application, and numerous opportunities in China. At the same time we continue to work diligently with multiple parties in Korea, including Kolon, on sites that can leverage our hydrogen-based power generation technology. Demand for fueling continues to rise with fuel cell vehicle deployment as illustrated in the recently-announced partnership with StratosFuel to build North America’s largest renewable hydrogen power plant. We see markets for our various applications across Asia along with multiple avenues for growth in China, Europe and in California.”

For earnings history and earnings-related data on Hydrogenics (HYGS) click here.

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