$Ballard Power Systems Inc (BLDP.CA)$ reported mixed results for the fourth quarter on Monday.

The company reported fourth-quarter sales growth of 132% year-on-year to $46.80 million, beating the analyst consensus estimate of $34.07 million. The company posted a loss of 16 cents per share, compared to the consensus estimate of 13 cents per share, according to data from Benzinga Pro.

$Ballard Power Systems Inc (BLDP.US)$ held $751.1 million in cash and equivalents as of December 31, 2023.

"Our transition to a commercial products company is gaining momentum, with growing market acceptance of our fuel cell engines across our verticals," said Randy MacEwen, President and CEO. "We shipped a record number of fuel cell engines in the quarter, allowing us to close out the year with Q4 revenue of $46.8 million, up 132% year-over-year. We also booked $64.7 million of new orders in Q4, resulting in a product-based Order Backlog now 15% higher than the same period last year."

Ballard sees FY24 operating expenses of $145 million – $165 million. It expects FY24 capital expenditure of $50 million – $70 million.

Ballard Power shares fell 5.2% to trade at $2.8450 on Tuesday.

These analysts made changes to their price targets on Ballard Power Systems after the company reported quarterly results.

• Wells Fargo cut the price target on Ballard Power Systems from $4 to $3.5. Wells Fargo analyst Praneeth Satish maintained an Underweight rating.

• HSBC slashed the price target on Ballard Power Systems from $4.5 to $4.1. HSBC analyst Samantha Hoh maintained a Buy rating.

• Susquehanna cut the price target on Ballard Power Systems from $4 to $3. Susquehanna analyst Biju Perincheril maintained a Neutral rating.

• BMO Capital slashed the price target on Ballard Power Systems from $3.25 to $3. BMO Capital analyst Ameet Thakkar maintained an Underperform rating.

• TD Securities cut the price target on Ballard Power Systems from $3.75 to $3. TD Securities analyst Aaron Macneil maintained a Hold rating.