We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.19 | 6.31% | 3.20 | 3.20 | 3.28 | 3.3353 | 3.16 | 3.22 | 4,594,325 | 22:34:43 |
VANCOUVER, Oct. 25, 2016 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) today announced its consolidated financial results for the third quarter ended September 30, 2016. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
"We had a solid Q3, highlighted by continued year-over-year and sequential quarterly revenue growth and gross margin expansion," said Randy MacEwen, Ballard's President and CEO. "Revenue of $20.6 million in Q3 represented a year-on-year increase of 29%, driven by a 54% increase from our Power Products platform. We also achieved 31% gross margin in Q3, up 6-points from Q3 2015."
Mr. MacEwen continued, "Ballard achieved important progress on a number of strategic fronts during the quarter, as well. On our China strategy, we announced and closed a manufacturing license and joint venture transaction valued at a minimum of $170 million over 5-years and entered into a strategic alliance framework agreement and MOU with Broad-Ocean. Audi AG accelerated certain development activities under our long-term Technology Solutions program. In addition, we signed an agreement with Toyota Tsusho for the distribution of Ballard products in Japan."
Tony Guglielmin, Chief Financial Officer added, "We expect to end 2016 with year-over-year revenue growth and a strengthened balance sheet. On revenue, we anticipate significant full-year top-line growth given performance to date and the strength of our order book. On cash, our balance sheet was appreciably strengthened in Q3, as we ended the quarter with $68.1 million in cash reserves, fortified during the quarter by the successful close of a $28.3 million strategic investment by Broad-Ocean. Subsequent to the quarter we also closed our joint venture transaction with Synergy, with payments totaling $10.9 million received as of closing."
Q3 2016 Financial Highlights
(all comparisons are to Q3 2015 unless otherwise noted)
Q3 2016 Sales and Operations Highlights
China Strategy
Other Commercial Progress
Q3 2016 Corporate Platform Highlights
Q3 2016 Financial Summary
(Millions of U.S. dollars) |
Three months ended Sept. 30, |
Nine months ended Sept. 30, | |||||
2016 |
2015 |
% Change |
2016 |
2015 |
% Change | ||
GROWTH |
|||||||
Fuel Cell Products & Services Revenue:1 |
|||||||
Heavy Duty Motive |
$7.5 |
$5.6 |
34% |
$15.5 |
$7.9 |
96% | |
Portable Power |
$3.1 |
N/A |
N/A |
$8.5 |
N/A |
N/A | |
Material Handling |
$3.3 |
$3.4 |
-2% |
$9.9 |
$8.6 |
15% | |
Backup Power |
$0.8 |
$0.5 |
49% |
$2.8 |
$4.1 |
-33% | |
Sub-Total |
$14.7 |
$9.5 |
54% |
$36.7 |
20.7 |
78% | |
Technology Solutions |
$6.0 |
$6.5 |
-9% |
$17.9 |
$15.8 |
13% | |
Total Fuel Cell Products & Services Revenue |
$20.6 |
$16.0 |
29% |
$54.6 |
$36.5 |
50% | |
PROFITABILITY |
|||||||
Gross Margin $ |
$6.4 |
$4.0 |
59% |
$14.8 |
$6.2 |
141% | |
Gross Margin % |
31% |
25% |
6-points |
27% |
17% |
10-points | |
Cash Operating Costs2 |
$8.4 |
$6.7 |
-25% |
$26.2 |
$21.3 |
-23% | |
Adjusted EBITDA2 |
($1.5) |
($2.4) |
37% |
($11.6) |
($12.3) |
5% | |
Net Income (Loss)3 |
($4.2) |
($4.1) |
-1% |
($20.0) |
($4.5) |
-348% | |
Earnings Per Share |
($0.03) |
($0.03) |
14% |
($0.13) |
($0.03) |
-280% | |
Adjusted Net Loss2 |
($3.9) |
($3.6) |
-6% |
($18.4) |
($18.9) |
3% | |
Adjusted Net Loss Per Share2 |
($0.02) |
($0.03) |
10% |
($0.11) |
($0.14) |
18% | |
CASH |
|||||||
Cash Used by Operating Activities: |
|||||||
Cash Operating Income (Loss) |
($2.4) |
($3.4) |
29% |
($13.5) |
($14.7) |
8% | |
Working Capital Changes |
$1.9 |
($0.7) |
366% |
$1.7 |
($0.1) |
1,600% | |
Cash Used By Operating Activities |
($0.5) |
($4.1) |
88% |
($11.9) |
($14.8) |
20% | |
Cash Reserves |
$68.1 |
$49.2 |
39% |
For a more detailed discussion of Ballard Power Systems' third quarter 2016 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, October 26, 2016 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review its third quarter 2016 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 will be archived in the 'Investor Presentations & Events' area of the 'Investors' section of Ballard's website (www.ballard.com/investors).
About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) 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.
Further Information
Guy McAree +1.604.412.7919, investors@ballard.com or media@ballard.com
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 fuel cell products for our power product markets of Heavy Duty Motive (consisting of bus and tram applications), Portable Power, Material Handling and Backup Power, as well as the delivery of Technology Solutions including engineering services 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 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 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, 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 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, 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, amortization of intangible assets, and goodwill impairment charges. Adjusted EBITDA adjusts EBITDA for stock based compensation expense, transactional gains and losses, asset impairment charges, finance and other income, and acquisition costs. Adjusted Net Loss measures net loss attributable to Ballard from continuing operations, excluding impairment losses or recoveries on trade receivables, transactional gains and losses, asset impairment charges, and acquisition costs. |
3 Includes gain of $14.2 million in the first quarter of 2015 on sale of intellectual property to Volkswagen Group. |
SOURCE Ballard Power Systems Inc.
Copyright 2016 PR Newswire
1 Year Ballard Power Systems Chart |
1 Month Ballard Power Systems Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions