Fuel cell maker Hydrogenics's loss doubles

Mon Nov 10, 2014 6:54am EST
 
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Nov 10 (Reuters) - Canadian fuel cell maker Hydrogenics Corp's third-quarter loss more than doubled, hurt by increased expenses and a weaker Canadian dollar.

The company's net loss widened to $1.3 million, or 13 cents per share, in the third quarter ended Sept. 30, from about $491,000, or 5 cents per share, a year earlier.

The Mississauga, Ontario-based company's revenue rose 20 percent to $11.1 million.

Hydrogenics' total operating costs rose 18.5 percent to $4 million in the quarter, while foreign currency losses jumped to $611,000 from $61,000 a year earlier.

Its order backlog - an indicator of future sales - was $66.9 million at the end of the third quarter, slightly lower than the $67.1 million at the end of the second quarter. (Reporting By Shubhankar Chakravorty in Bangalore; Editing by Savio D'Souza)