UPDATE 2-Fuel-cell maker Hydrogenics expects first-ever profit this year

Wed Jul 30, 2014 12:38pm EDT
 
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* 2nd-qtr loss $0.01/shr vs est. loss $0.26/shr

* Expects positive adj EBIDTA for 2014

* Shares jump as much as 8 pct (Adds details from conference call, background, share movement)

By Sneha Banerjee

July 30 (Reuters) - Canada's Hydrogenics Corp reported a much smaller-than-expected quarterly loss and said it expects to post its first-ever profit on an adjusted basis this year, indicating a rise in demand for its fuel cells used in power backup systems.

Nasdaq-listed shares in Hydrogenics rose as much as 8 percent to $22.50 in morning trading.

The company's order backlog, often seen as a gauge of future sales, jumped 15 percent to $67.1 million in the second quarter ended June 30 from the first quarter.

Hydrogenics said the increase was mainly driven by a joint venture announced last month with a unit of South Korean conglomerate Kolon Corp to power its renewable energy projects in the Asian country.

"We are trying very hard to get our first shipment out this year; we believe that is possible," Chief Executive Daryl Wilson said on a post-earnings conference call, referring to the JV.   Continued...