March 10, 2009 / 4:04 PM / 9 years ago

Ballard sees no 2009 profit, "bleak" 2010 economy

OTTAWA, March 10 (Reuters) - Ballard Power Systems BLD.TO said on Tuesday that it does not expect to turn a profit in 2009 based on the Canadian fuel cell developer’s growth forecasts, which are not being hurt by canceled orders.

“Our guidance for this year, for 2009, is obviously that we would continue to be in a negative cash burn situation. So positive EBITDA is not in the cards for 2009,” said Chief Executive John Sheridan in an interview with Reuters.

Ballard maintains that profitability, which it defines as earnings before interest, tax, depreciation and amortization, will take place in the “near term”, but that will not be in 2009.

“We think the macroeconomic environment is going to remain very, very bleak into 2010,” Sheridan said. “Our view is don’t look for a big bounce over the next two years in the broader economic conditions.” (Reporting by Susan Taylor; editing by Rob Wilson)

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