Hydrogenics (HYGS) Misses Q2 EPS by 9c

Hydrogenics (NASDAQ: HYGS) reported Q2 EPS of ($0.25), $0.09 worse than the analyst estimate of ($0.16). Revenue for the quarter came in at $9.2 million versus the consensus estimate of $11.4 million.

“Hydrogenics made some notable progress this quarter on a number of fronts – winning new orders which, once again, pushed our backlog over $100 million as we posted solid revenue growth,” said Daryl Wilson, Hydrogenics’ CEO and President. “We announced a major partnership in China with SinoHytec for the delivery of heavy-duty fuel cell modules in a contract valued at $13.5 million and, more recently, were awarded our first contract in Southeast Asia – by the Electricity Generation Authority of Thailand – for a €4.3 million megawatt-scale energy storage facility and fuel cell power plant. These achievements highlight the global demand for our unique hydrogen-based technologies. We’re also on track to deliver the first equipment for our Enbridge energy storage venture later this year, and our contract with Alstom is proceeding on schedule.

“Our one megawatt pilot power plant project in South Korea has exceeded expectations since it began operations in late 2015. We have completed substantial engineering, planning and negotiation work with our project partners for a 50 megawatt scale-up at the same site, evaluating the risks inherent in a 20 year long-term service agreement along with the capacity of each party to bear the associated uncertainties. Part of this assessment includes investigating alternative risk mitigation structures such as insurance coverage associated with cleantech power projects. To date, no formal order has been issued, as we are facing the normal challenges associated with a first-of–its-kind scale-up of this magnitude. We anticipate further communication on this project in the coming months.”

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

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