March 23, 2011 / 9:00 PM / 6 years ago

UPDATE 1-Azure Dynamics posts wider Q4 loss on higher expenses

* Q4 loss/shr C$0.02 vs est C$0.01

* Q4 rev up three-fold to C$13.4 mln

* Sees 2011 rev C$52-C$68 mln

March 23 (Reuters) - Azure Dynamics Corp , which makes hybrid electric components for commercial vehicles, posted a slightly wider quarterly loss, missing analysts’ estimates, on higher expenses But forecast higher 2011 revenue.

“The global light- and medium-duty commercial truck markets are expected to continue their gradual recovery during 2011,” the company said in a statement.

Azure Dynamics expects C$52million-C$68 million in 2011 revenue on sales of 1,300-1,500 units.

Last year it sold 832 units for C$21.9 million.

October-December net loss stood at C$10.8 million, or 2 Canadian cents a share, up from a loss of C$8 million, or 2 Canadian cents a share, a year ago.

Revenue rose three-fold to C$13.4 million. Total expenses more than doubled to C$11.4 million.

Analysts, on average, were expecting a loss of 1 Canadian cent a share on revenue of C$13.6 million, according to Thomson Reuters I/B/E/S.

Azure Dynamics shares closed down 5 percent at 31 Canadian cents on Wednesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Joyjeet Das)

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