BRITISH COLUMBIA

Ballard Power lowers 2014 revenue target,

10/29/2014 07:17 EDT | Updated 12/29/2014 05:59 EST
VANCOUVER - Ballard Power Systems Inc. (TSX:BLD) says its revenue so far this year is 21 per cent below management estimates and, and a result, the Vancouver-based company is adjusting its 2014 guidance.

It now estimates full-year revenue growth of 20 per cent, rather than 30 per cent.

Ballard Power develops fuel cell technology, an alternative energy source that doesn't rely on internal combustion.

Its revenue was $20.6 million in the third quarter and $53.1 million in the nine months ended Sept. 30, up 21 per cent on both counts.

Ballard's net loss was reduced by 47 per cent to $2.4 million or two cents per share in the third quarter and by 39 per cent to $10.7 million or eight cents per share in the nine months ended Sept. 30.

A year earlier, Ballard lost $4.6 million or five cents per share in the third quarter with $17 million of revenue. Over the first nine months of 2014, Ballard lost $17.7 million or 18 cents per share with $43.9 million of revenue.