Clean Diesel Technologies (CDTI) Posts Q1 Loss of 21c/Share

Clean Diesel Technologies (NASDAQ: CDTI) reported Q1 EPS of ($0.21), $0.07 worse than the analyst estimate of ($0.14). Revenue for the quarter came in at $10.3 million versus the consensus estimate of $9.7 million.

Chris Harris, CDTi's President and CEO, stated: "In the first quarter, our commercialization efforts drove results for DuraFit™ replacement diesel particulate filters (DPFs) and our broader portfolio of advanced catalysts. We secured New York City's Department of Sanitation as our first major fleet customer and have since commenced shipments, and we are close to securing our first national channel partner to distribute DuraFit DPFs. As expected, our first quarter 2015 revenue declined 10.7% year-over-year due to the wind-down of the California diesel retrofit mandate, but increased 19.3% on a sequential basis. Gross margins also improved 457 basis points over the fourth quarter of 2014 to 27.3%. We met our internal goal of $1.0 million in DuraFit sales in the first quarter and are on track to achieve our guidance of $5.0 million for the year. Meanwhile, we delivered another solid quarter in our core catalyst business as auto demand in the U.S. reached a multi-year high.

"CDTi's transition to an advanced materials company is well underway. Initial vehicle test results indicate that our new synergized-platinum group metal (SPGM™) diesel oxidation catalysts (DOCs) can match the performance of leading DOCs in the market, while using dramatically less platinum group metal (PGM). These results also demonstrate our ability to invent innovative materials that create significant value propositions in a range of downstream markets. We intend to commercialize our SPGM DOC technology through original equipment manufacturers (OEMs) and retrofit catalyst suppliers via our powder-to-coat business model as well as incorporate it into our DuraFit line of DPF replacement parts. We expect to announce more vehicle test results in the second quarter, including for three-way catalysts (TWCs) using Spinel™ and another advanced materials platform."

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

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