Hydrogen fuel cell maker Ballard Power Systems’ August 2 second quarter earnings reveal the company is unlikely to return to profitability in 2011.
Instead, the results, which were consistent with full-year guidance, hint that the innovative company (TSX:BLD) will likely have to wait until at least 2012 to end the year in the black.
Ballard had years of losses before eking out a $33.5 million profit in 2008. It then racked up a $3.7 million loss in 2009 and a $36 million loss in 2010. (See “Top 100 Public Companies in B.C.” – issue 1130; June 21-27.)
Ballard announced August 2 that it lost $8.7 million in 2011’s second quarter and $18.9 in the year’s first half.
“Ballard’s second-quarter results demonstrate continued progress,” said president and CEO John Sheridan in a release.
Indeed, the company increased revenue 23% over its second quarter in 2010 and 26% compared to the first half of 2010.
Losses this year are also less than they were last year.
Ballard lost $10.7 million in last year’s second quarter and $17.2 million in the first half of 2010.
Glen Korstrom
Twitter: GlenKorstrom