April 29, 2010 / 12:06 PM / 8 years ago

UPDATE 1-Ballard Power Q1 loss wider than estimates

* Q1 loss $0.12/shr vs est loss of $0.09/shr

* Revenue up 47 pct at $11.9 mln vs est $13.6 mln

* Says well-positioned to meet full-year rev view

April 29 (Reuters) - Ballard Power Systems’s BLD.TO (BLDP.TO) quarterly loss came in wider than expected due to lower sales at its automotive products segment, but the Canadian hydrogen fuel-cell maker said it was well-positioned to meet its full-year revenue view.

“With 47 percent revenue growth year-over-year and 29 percent order book growth during the first quarter, Ballard is well-positioned to meet guidance for full year revenue growth in excess of 35 percent,” the company said.

Net loss for the first quarter was $10.0 million, or 12 cents a share, compared with a net loss of $19.1 million, or 23 cents, in the year ago quarter.

Quarterly revenue rose to $11.9 million, helped by a 28 percent spike in its core fuel cell products segment revenue.

Revenue at its automotive segment fell 16 percent to $1.6 million.

Analysts on average expected the company to post a loss of 9 cents, on revenue of $13.6 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at C$2.48 Wednesday on the Toronto Stock Exchange. (Reporting by Krishna N. Das in Bangalore; Editing by Anne Pallivathuckal)

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