Ballard Power Systems Inc. (NASDAQ:BLDP) shares are trading higher on Thursday after the company reported upbeat fourth-quarter results.
Earnings Snapshot
The company reported a loss per share of 6 cents, beating the consensus of a loss of 8 cents per share.
Revenue was $33.6 million, above the $31.21 million analyst estimate.
Gross margin improved 30 basis points to 17% in the quarter. This was aided by lower onerous contract provisions, product cost reduction initiatives, and a decline in manufacturing overhead costs.
Adjusted EBITDA was a loss of $11.6 million, versus a $36 million loss on improved margins and lower costs.
Operating cash flow stood at $11.4 million, compared with cash used in operating activities of $24.4 million.
The company ended the year with $527.1 million in cash and cash equivalents.
Segment Performance
- Heavy …