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Ballard Power Systems Inc
Symbol BLDP
Shares Issued 297,479,182
Close 2021-05-04 C$ 19.99
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Globe says Ballard's Q1 miss has investors selling

2021-05-05 08:07 ET - In the News

The Globe and Mail reports in its Wednesday edition that the hydrogen sector got a reality check from investors on Tuesday as shares in Ballard Power Systems tumbled almost 20 per cent after missing revenue estimates. The Globe's Brent Jang writes that B.C.-based Ballard posted first-quarter revenue of $17.6-million (U.S.), compared with expectations for $25.5-million (U.S.) in consensus estimates by analysts. Ballard's adjusted earnings before interest, taxes, depreciation and amortization rang in at a loss of $14-million (U.S.), versus analysts' estimates for a $12.6-million (U.S.) loss. The maker of hydrogen fuel cells has made a series of announcements this year for partnerships and collaboration, including an alliance disclosed on Monday with Linamar for powertrains and components for light-duty vehicles. "However, this activity is not yet translating into meaningful orders," TD Securities analyst Aaron MacNeil said in a note. Ballard's share price dropped $4.85 to close at $19.99 on Tuesday in Toronto. U.S.-based companies caught in Ballard's downdraft included Plug Power Inc., FuelCell Energy Inc. and Bloom Energy Corp. Cormark analyst MacMurray Whale said that Ballard "has never been better capitalized."

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