Hydrogenics (HYGS) Misses Q1 EPS by 1c, Miss on Revenues

Hydrogenics (NASDAQ: HYGS) reported Q1 EPS of ($0.13), $0.01 worse than the analyst estimate of ($0.12). Revenue for the quarter came in at $8.1 million versus the consensus estimate of $10.85 million.

“Our first quarter was particularly busy with major proposals and significant project development,” said Daryl Wilson, President and Chief Executive Officer. “Revenue was down slightly year-over-year, reflecting shipment timing, but our gross margin and gross profit both rose due to improved product mix – ending the quarter with approximately $19.4 million of cash. We continue to bid on a steady stream of quotes for mobility fuel cells, energy storage systems, and fueling station equipment throughout North America and abroad while remaining particularly bullish on China and parts of Europe.

“We anticipate a strong year of announcements and scale-up of the business, and the Company recently won a C$5 million government grant in Canada as part of our plans to invest in future growth initiatives. At the same time, the significant shipments to China last year for mobility applications are moving through the test and evaluation phase, prior to the next level of order magnitude. Our current pipeline of opportunities is large and growing, so we view first quarter operating results as not reflective of the potential for top line expansion this year and beyond. While we are always subject to a degree of uncertainty regarding timing, particularly in China, we’re optimistic about order acceleration and the path to profitability due to our leadership position within the industry, continued strong demand for clean, sustainable solutions, and the increasing interest in hydrogen-based energy applications.”

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

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