April 28 Canadian fuel cell maker Ballard Power
Systems Inc posted a smaller-than-expected
quarterly loss, helped by higher revenue from its engineering
services and material handling businesses.
Revenue from Ballard's engineering services business, which
counts Volkswagen AG among its customers, rose
nearly threefold in the first quarter ended March 31.
The business accounted for half of Ballard's total revenue
in the quarter.
Ballard said it expected to begin supplying fuel cell stacks
to service Plug Power Inc's order with Wal-Mart Stores Inc
in the second half of this year.
Plug Power said in February it would supply 1,738 hydrogen
fuel cells, used to power forklifts and other material-handling
equipment, to Wal-Mart.
Ballard was Plug Power's exclusive supplier of fuel cell
stacks in North America and some European countries until Plug
Power bought fuel-cell stack maker ReliOn Inc earlier this
Ballard's net loss narrowed to $3.8 million, or 3 cents per
share, in the first quarter from $7.9 million, or 7 cents per
share, a year earlier.
Revenue rose 13 percent to $14 million.
Analysts on average had expected a loss of 4 cents per share
on revenue of $15.3 million, according to Thomson Reuters
Ballard, whose customers include BAE Systems and
Toyota Motor Corp, said in February that it expected
revenue to grow about 30 percent this year.
Burnaby, British Columbia-based Ballard acquired fuel cell
intellectual property assets of United Technologies Corp
earlier this month to benefit from its patent licensing revenue.
Ballard's shares closed at C$4.49 on the Toronto Stock
Exchange on Monday. The stock has risen more than 185 percent
(Reporting by Sampad Patnaik and Anannya Pramanick in
Bangalore; Editing by Kirti Pandey)