The Vancouver Sun reports in its Thursday edition Ballard Power Systems' revenue so far this year is 21 per cent below management estimates and, as a result, the Vancouver company is adjusting its 2014 guidance.
A Canadian Press dispatch to The Sun says Ballard now estimates full-year revenue growth of 20 per cent, rather than 30 per cent.
Ballard Power develops fuel cell technology, an alternative energy source.
Its revenue was $20.6-million in the third quarter and $53.1-million in the nine months ended Sept. 30, up 21 per cent on both counts.
Ballard's net loss was reduced by 47 per cent to $2.4-million or two cents per share in the third quarter and by 39 per cent to $10.7-million or eight cents per share in the nine months ended Sept. 30. Last year, Ballard lost $4.6-million or five cents per share in the third quarter with $17-million of revenue. Over the first nine months of 2014, Ballard lost $17.7-million or 18 cents per share with $43.9-million of revenue.
Ballard closed Wednesday at $3.09, down 26 cents on the Toronto Stock Exchange.
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