May 11, 2016 / 10:52 AM / a year ago

BRIEF-Hydrogenics posts Q1 loss of $0.19/share

1 Min Read

May 11 (Reuters) - Hydrogenics Corp :

* Hydrogenics reports first quarter 2016 results

* Q1 loss per share $0.19

* Q1 revenue fell 43 percent to $4.3 million

* Q1 revenue view $7.9 million -- Thomson Reuters I/B/E/S

* Q1 earnings per share view $-0.21 -- Thomson Reuters I/B/E/S

* Hydrogenics Corp says secured $5.8 million of orders during quarter, resulting in an order backlog of $98.0 million as of march 31, 2016

* Q1 of 2016 was challenging for Hydrogenics, as a few booked projects were pushed out and certain contract awards delayed

* Of $98.0 million in backlog, company expects to recognize approximately $30 million over next twelve months as revenue

* In Q1 several programs were impacted by slower-than-expected progress payments, delays in customer site readiness, causing deferral of revenue recognition until Q2

* Anticipate that overall gross margins should remain higher than in 2015 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

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