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Ballard Power Systems Inc. (NASDAQ:BLDP) reported mixed results for the fourth quarter on Monday.
The company reported fourth-quarter sales growth of 132% year-on-year to $46.80 million, beating the analyst consensus estimate of $34.07 million. The company posted a loss of 16 cents per share, compared to the consensus estimate of 13 cents per share, according to data from Benzinga Pro.
Ballard held $751.1 million in cash and equivalents as of December 31, 2023.
"Our transition to a commercial products company is gaining momentum, with growing market acceptance of our fuel cell engines across our verticals," said Randy MacEwen, President and CEO. "We shipped a record number of fuel cell engines in the quarter, allowing us to close out the year with Q4 revenue of $46.8 million, up 132% year-over-year. We also booked $64.7 million of new orders in Q4, resulting in a product-based Order Backlog now 15% higher than the same period last year."
Ballard sees FY24 operating expenses of $145 million – $165 million. It expects FY24 capital expenditure of $50 million – $70 million.
Ballard Power shares fell 5.2% to trade at $2.8450 on Tuesday.
These analysts made changes to their price targets on Ballard Power Systems after the company reported quarterly results.
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Posted In: BLDP
