* Q2 revenue jumps 27 pct to $18.5 mln
* Expects FY revenue growth of about 30 pct
(Adds details on revenue, background on clients)
July 29 Canada's Ballard Power Systems Inc
reported a smaller second-quarter loss, helped
by continuing demand for its fuel cells that are used in
forklifts and telecom networks.
Ballard's net loss narrowed to $4.5 million, or 3 cents per
share, in the quarter ended June 30, from $5.2 million, or 5
cents per share, a year earlier.
The Burnaby, British Columbia-based company's revenue rose
27 percent to $18.5 million.
Revenue from Ballard's engineering services business, whose
customers include Volkswagen AG, rose nearly 47
percent in the second quarter ended June 30.
The business accounted for 45 percent of Ballard's total
revenue in the quarter.
Ballard, whose customers include BAE Systems,
Toyota Motor Corp and Van Hool, has been expanding
client base for its high-margin backup power unit for the auto
The company has delivered orders of fuel cell buses to
clients, including bus maker New Flyer Industries, zero-emission
transit operator SunLine Transit Agency and clean transportation
provider Calstart, in the last two months.
Ballard has also been expanding its client base by signing
deals to deliver telecom backup power systems in China and the
Philippines, and for material handling systems to be deployed in
Analysts on average had expected a loss of 2 cents per share
on revenue of $17.2 million, according to Thomson Reuters
The company expects revenue growth for the year of about 30
Ballard shares closed at C$4.65 on the Toronto Stock
Exchange on Tuesday.
Ballard's U.S.-listed shares, which have risen more than 18
percent in the past three months, closed at $4.32 on the Nasdaq
(Reporting by Shubhankar Chakravorty and Narottam Medhora in
Bangalore; Editing by Lisa Shumaker and Eric Walsh)