Hydrogenics (HYGS) Misses Q1 EPS by 3c, Revenues Miss

Hydrogenics (NASDAQ: HYGS) reported Q1 EPS of ($0.15), $0.03 worse than the analyst estimate of ($0.12). Revenue for the quarter came in at $8.08 million versus the consensus estimate of $10.14 million.

“I’m pleased to report that our fiscal first quarter was an active one for the Company, and we ended the period with a much stronger balance sheet and backlog – bolstered by our relationship with Air Liquide,” said Daryl Wilson, President and Chief Executive Officer. “Our partnership with this key industry player globally continues to develop, positioning us for more growth opportunities than ever before. At the same time, we recently announced an award from Halcyon Power to supply a carbon-free hydrogen production facility in New Zealand. This is our first major win in the South Pacific, and the 1.5 megawatt project should be up and running next year as Halcyon’s owners – Tuaropaki Trust and Obayashi Corporation – look to implement a hydrogen supply chain strategy for New Zealand and Japan.

“Due to our leading role in the world’s burgeoning fuel-cell powered rail and bus sectors, we anticipate increasing activity in the space during the second half of 2019. Overall, given our solid balance sheet, strong partnerships, and current demand trends, we remain optimistic about the outlook for meaningful top line growth and improved financial performance this year.”

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

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