$Ballard Power Systems Inc (BLDP.CA)$ 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.