Ballard Power (BLDP) Reports In-Line Q2 EPS; Announces Strategic Collaboration and Equity Investment Deal With Broad-Ocean
Ballard Power (NASDAQ: BLDP) reported Q2 EPS of ($0.04), in-line with the analyst estimate of ($0.04). Revenue for the quarter came in at $17.6 million versus the consensus estimate of $18.32 million.
Strategic Collaboration and $28.3 Million Equity Investment in Ballard – Zhongshan Broad-Ocean Motor Co., Ltd. ("Broad-Ocean") and Ballard have entered into a strategic collaboration which includes a $28.3 million equity investment in Ballard by Broad-Ocean. Broad-Ocean is a leading global manufacturer of motors that power small and specialized electric machinery for electric vehicles (EVs), including buses, commercial vehicles and passenger vehicles. The company produces more than 50 million motors annually for customers on 5 continents. The investment will be made through a subscription and purchase of 17,250,000 common shares issued from treasury at a price per share based on a 20-day volume weighted average price calculation (the calculated price per share is US$1.64). Ballard intends to use the proceeds from the financing for general corporate purposes, including potential funding of future acquisitions or investments in complementary businesses, products or technologies. The investment transaction is expected to close in Q3 2016, subject to customary closing conditions including regulatory approvals. Ballard and Broad-Ocean are discussing areas of strategic collaboration that offer the potential to further accelerate and scale the adoption of fuel cell technology and products in China and expect to sign formal collaboration agreements by year-end.
For earnings history and earnings-related data on Ballard Power (BLDP) click here.