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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ballard Power Systems Inc | NASDAQ:BLDP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.08 | 2.83% | 2.91 | 2.80 | 2.88 | 2.9401 | 2.73 | 2.73 | 4,603,316 | 00:58:10 |
VANCOUVER, May 1, 2018 /CNW/ - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced consolidated financial results for the first quarter ended March 31, 2018. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
"Q1 results were consistent with the type of start to 2018 we had anticipated and our typically slower first half of a year," said Randy MacEwen, President and CEO. "At the same time, the underlying growth in our Q1 results is masked by significant one-time revenue in the first quarter of 2017. Our outlook for the full year remains unchanged."
Mr. MacEwen noted, "During the quarter we made important progress across key market applications to support long-term growth and profitability. Continued execution of our strategy, including focus on key market opportunities in China, Europe, the U.S. and Japan resulted in revenue of $20.1 million and gross margin of 33% for the quarter, along with a solid order book and robust sales pipeline for 2018 deliveries and 2019 scaling."
Mr. MacEwen continued, "The convergence of key global megatrends – specifically decarbonization, air quality and electrification of propulsion – has surfaced important opportunities for our highly-disruptive and field-proven technology in a growing array of transport applications. This is particularly the case where long range, rapid refueling, heavy payload and full route flexibility are customer requirements, such as in key bus and commercial truck markets. In addition, during Q1 we saw strong evidence of expanding future demand for fuel cells in a range of applications, including buses, commercial trucks, material handling equipment, unmanned vehicles, trains and marine vessels, across a number of geographic regions."
Mr. MacEwen concluded, "We expect these emerging opportunities to support continued scaling of the underlying business as we advance toward sustainable profitability."
Q1 2018 Financial Highlights
(all comparisons are to Q1 2017 unless otherwise noted)
Q1 2018 Highlights
Bus
Commercial Truck
Train
Marine
Material Handling
Unmanned Vehicle
Power Manager
Backup Power
Other
Q1 2018 Financial Summary
(Millions of U.S. dollars) |
Three months ended March 31, | |||
2018 |
2017 |
% Change | ||
REVENUE |
||||
Fuel Cell Products & Services Revenue:1 |
||||
Heavy Duty Motive |
9.3 |
7.2 |
29% | |
Portable Power |
2.4 |
1.2 |
100% | |
Material Handling |
0.4 |
2.2 |
-81% | |
Backup Power |
0.3 |
0.5 |
-42% | |
Sub-Total |
$12.4 |
$11.1 |
11% | |
Technology Solutions |
7.7 |
11.5 |
-33% | |
Total Fuel Cell Products & Services Revenue |
$20.1 |
$22.7 |
-11% | |
PROFITABILITY |
||||
Gross Margin $ |
$6.6 |
$9.6 |
-31% | |
Gross Margin % |
33% |
42% |
-9-points | |
Operating Expenses |
$12.7 |
$12.0 |
5% | |
Cash Operating Costs2 |
$10.7 |
$10.0 |
8% | |
Adjusted EBITDA2 |
($3.8) |
($0.7) |
-488% | |
Net Income (Loss) |
($5.5) |
($2.9) |
-87% | |
Earnings Per Share |
($0.03) |
($0.02) |
-84% | |
Adjusted Net Loss2 |
($5.5) |
($2.9) |
-87% | |
Adjusted Net Loss per share2 |
($0.03) |
($0.02) |
-84% | |
CASH |
||||
Cash Used by Operating Activities: |
||||
Cash Operating Income (Loss) |
($2.8) |
($1.2) |
-135% | |
Working Capital Changes |
($4.4) |
($1.9) |
-131% | |
Cash Used By Operating Activities |
($7.2) |
($3.1) |
-133% | |
Cash Reserves |
$52.5 |
$68.0 |
-23% |
For a more detailed discussion of Ballard Power Systems' first quarter 2018 results, please see the company's financial statements and management's discussion & analysis, which are available at www.ballard.com/investors, www.sedar.com and www.sec.gov/edgar.shtml.
Conference Call
Ballard will hold a conference call on Wednesday, May 2, 2018 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review its first quarter 2018 operating results. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live audio and slide webcast can be accessed through a link on Ballard's homepage (www.ballard.com). Following the call, the audio webcast and presentation materials will be archived in the 'Earnings, Interviews & Presentations' area of the 'Investors' section of Ballard's website (www.ballard.com/investors).
About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) provides clean energy products that reduce customer costs and risks, and helps customers solve difficult technical and business challenges in their fuel cell programs. To learn more about Ballard, please visit www.ballard.com.
Important Cautions Regarding Forward-Looking Statements
This release contains forward-looking statements concerning projected revenue growth, product shipments, gross margin, Adjusted EBITDA, cash operating expenses and product sales. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard's most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard's actual results to be materially different include general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. These forward-looking statements are provided to enable external stakeholders to understand Ballard's expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.
Endnotes: |
|
1 We report our results in the single operating segment of Fuel Cell Products and Services. Our Fuel Cell Products and Services segment consists of the sale and service of PEM fuel cell products for our power product markets of Heavy Duty Motive (consisting of bus, truck, rail and marine applications), Portable Power, Material Handling and Backup Power, as well as the delivery of Technology Solutions, including engineering services, technology transfer and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications. | |
2 Note that Cash Operating Costs, EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss), are non GAAP measures. Non GAAP measures do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash Operating Costs, EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss) assist investors in assessing Ballard's operating performance. These measures should be used in addition to, and not as a substitute for, net income (loss), cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. For a reconciliation of Cash Operating Costs, EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss) to the Consolidated Financial Statements, please refer to Ballard's Management's Discussion & Analysis. | |
Cash Operating Costs measures operating expenses excluding stock based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, unrealized gains or losses on foreign exchange contracts, acquisition costs and financing charges. EBITDA measures net loss attributable to Ballard Power Systems Inc. excluding finance expense, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for stock based compensation expense, transactional gains and losses, asset impairment charges, unrealized gains or losses on foreign exchange contracts, finance and other income, and acquisition costs. Adjusted Net Income (Loss) measures net income (loss) attributable to Ballard from continuing operations, excluding transactional gains and losses, asset impairment charges, and acquisition costs. |
View original content with multimedia:http://www.prnewswire.com/news-releases/ballard-reports-q1-2018-results-300640668.html
SOURCE Ballard Power Systems Inc.
Copyright 2018 Canada NewsWire
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