BUZZ-Ballard Power Systems Inc: Stock hit by lowered revenue forecast

Wed Oct 29, 2014 12:13pm EDT
 
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** Fuel cell product maker's Toronto-listed shares down 7.5 pct at C$3.10; U.S. shares down 7 pct at $2.78

** Cuts FY revenue growth forecast to about 20 pct from about 30 pct due to lower-than-expected growth in Q1, Q2, Q3

** Q3 revenue rises a less-than-expected 21 pct, hurt by a delay in purchase orders for its telecom backup products

** Sales also hit by 43 pct fall in revenue from its development stage markets business due to lower revenue from bus module shipments, some of which was planned

** Posts gross margin of 25 pct, a 3-point decline and well short of Cowen and Company's forecast of 32.8 pct

** Up to Tuesday's close, company's U.S.-listed stock had more than doubled in the past 12 months