BRITISH COLUMBIA

Ballard Power Systems reports Q3 loss of US$9 million, 10 cents a share

10/31/2012 01:29 EDT | Updated 12/30/2012 05:12 EST
VANCOUVER - Fuel cell company Ballard Power Systems is reporting a loss for the third quarter on weak sales and revenue.

Ballard (TSX:BLD) says it's net loss for the quarter was US$9.0 million, or 10 cents a share, compared with US7.0 million, or eight cents a share, in the year ago period.

The company had total revenue of US$14.2 million, down from US$20.6 million a year ago — a decline of 31 per cent.

"Weak sales and revenue continued through the third quarter, against the backdrop of a challenging economy," John Sheridan, president and CEO, said in a statement.

"As reflected in our revised guidance, supported by a recent strengthening in order activity, we expect stronger Q4 revenue."

Ballard's revised guidance issued Oct. 9 projected total revenue for the year of US$ 60 million.