June 14, 2011 / 9:41 PM / 7 years ago

UPDATE 1-Azure Dynamics posts Q1 loss, sees growth in Q2

* Q1 loss/shr C$0.01 vs est loss/shr C$0.01

* Revenue falls 50 pct to C$1.4 mln vs est C$2.8 mln

* Reaffirms FY revenue view of C$52-C$68 mln

* Says results to strengthen from Q2 on new vehicle launch (Follows alerts)

June 14 (Reuters) - Azure Dynamics’s posted a first-quarter loss that was in line with market estimates, and the maker of hybrid electric components for vehicles said it expects results to strengthen in the second quarter, helped by the launch of a new vehicle.

The Oak Park, Michigan-based company expects to meet its full-year revenue target of C$52-C$68 million, helped by new orders.

In the January-March period, the company lost C$9.1 million, or 1 Canadian cent a share, compared with a loss of C$4.8 million, or 1 Canadian cent a share, a year ago.

Revenue halved to C$1.4 million.

Analysts on average had expected a loss of 1 Canadian cent a share, on revenue of C$2.9 million, according to Thomson Reuters I/B/E/S.

“The company expects 2011 results to be significantly stronger beginning in the second quarter due to the launch of the Transit Connect Electric, which will continue into the second half of the year,” Azure said in a statement.

Shares of the company closed at 29.5 Canadian cents on Tuesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Gopakumar Warrier)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below