Hydrogenics Q3 loss more than doubles on higher expenses weak loonie

(MENAFN- ProactiveInvestors) Hydrogenics (TSE:HYG) fell to the lowest in nearly two weeks after the Canadian fuel cell maker said third-quarter loss more than doubled hurt by increased expenses and a weaker Canadian dollar.

Shares dropped 10.6 percent to C$18.39 the lowest intraday price since Oct. 28 at 2:27 p.m. in Toronto.

Net loss widened to $1.3 million or $0.13 loss per share in the July-to-September quarter from about $0.5 million or $0.05 loss per share a year earlier the Mississauga Ontario-based company said in a statement today.

Revenue increased 20 percent to $11.1 million.

Four analysts on average predicted a loss of $0.09 per share for the quarter and revenue of $13.12 million.

"The third quarter as anticipated showed steady upward momentum and positive order trends positioning the Company for much stronger growth in the fourth quarter and 2015" the company’s chief executive officer Daryl Wilson said in the statement. "We booked our first North American energy storage award with the Ontario IESO won a number of fueling station contracts in Europe and the U.S. and continued to bid on an active pipeline of opportunities across the globe.”

The company’s order backlog-an indicator of future sales-totalled $66.9 million at the end of the third quarter slightly lower than the $67.1 million at the end of the second quarter.