Ballard Power Systems Inc . (NASDAQ:BLDP), a leader in the development and manufacturing of proton exchange membrane fuel cell products, announced today that it will hold a conference call to discuss its second-quarter 2024 financial results. The call is scheduled for July 11, 2024, the same day the company filed the information with the Securities and Exchange Commission (SEC).
The company, which is based in Burnaby, Canada, operates under the industrial classification of Electrical Industrial Apparatus. It was formerly known as 7076991 Canada Inc. before changing its name in 2009. Ballard Power Systems is incorporated in Zone 4 and ends its fiscal year on December 31.
Ballard Power Systems has been a significant player in the fuel cell industry, and its financial results are often seen as an indicator of the sector's health. The company's technology is used in a variety of applications, including transportation and stationary power.
The information regarding the conference call is based on a press release statement filed with the SEC.
In other recent news, Ballard Power Systems has experienced significant developments. The fuel cell manufacturer's earnings and revenue results have been a mixed bag, with Q1 revenues of $14.5 million falling short of estimates from BMO Capital Markets and Piper Sandler. However, the company's EBITDA performance exceeded BMO's forecast.
In terms of mergers and expansions, Ballard announced plans for a new manufacturing facility in Rockwall, Texas, indicating a growth trajectory. The company also reported a record order from Solaris for 1,000 fuel cell engines, contributing to a robust 38% increase in its order backlog.
Analysts from BMO Capital Markets and Piper Sandler have adjusted their outlook on Ballard Power Systems. Both firms reduced their price targets for the company's shares, citing weak financials and a cautious stance on the mobility market. Despite these adjustments, both firms maintained their respective Underperform and Underweight ratings on the stock.
These are the recent developments for Ballard Power Systems, highlighting its financial performance, strategic growth plans, and analyst outlooks.
InvestingPro Insights
As Ballard Power Systems Inc. (NASDAQ:BLDP) prepares to discuss its Q2 2024 financial results, investors may benefit from considering some key metrics and insights. According to InvestingPro data, Ballard Power Systems currently holds a market capitalization of $706.57 million, with a notably high revenue growth of 39.86% over the last twelve months as of Q1 2024. Despite this growth, the company has a negative gross profit margin of -20.88% and is facing challenges with a negative operating income margin of -157.54%. These figures suggest that while the company is expanding its top line, it is doing so at significant cost.
InvestingPro Tips highlight that Ballard Power Systems holds more cash than debt on its balance sheet, which is a positive sign of financial stability. Additionally, 4 analysts have revised their earnings upwards for the upcoming period, indicating a potential improvement in the company's financial outlook. However, it is also important to recognize that the company is quickly burning through cash and analysts do not anticipate it will be profitable this year.
For investors looking to delve deeper into Ballard Power Systems' financial health and future prospects, InvestingPro offers additional insights and tips. Currently, there are 13 additional InvestingPro Tips available for Ballard Power Systems, which can be accessed by visiting https://www.investing.com/pro/BLDP. To enhance your investment analysis, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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