Hydrogenics Provides Update on Fourth Quarter Outlook
Tue December 16, 2014 6:30 AM|GlobeNewswire | About: HYGS
MISSISSAUGA, Ontario, Dec. 16, 2014 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (HYGS) (TSX:HYG) ("Hydrogenics" or "the Company"), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, today announced the delivery delay of two projects scheduled for shipment in the fourth quarter. The revenue associated with these customers, approximately $5 million in aggregate, will now be recognized in the first quarter of 2015.
"Supplier material issues have, unfortunately, caused near-term delays in planned shipments to two important customers this quarter," said Daryl Wilson, President & CEO of Hydrogenics. "These supplier constraints, exacerbated by the fact that the materials in question failed our internal quality inspection process, means that customer shipment is impossible until early in the first quarter of 2015. While we still expect to achieve positive Adjusted EBITDA1 in the fourth quarter, we are unable to reach our planned target of exceeding $50 million in revenue and achieving break-even Adjusted EBITDA1 for 2014 as a whole. While we are clearly disappointed with the negative impact of these timing issues, the cost to rectify the supplier material delays will not be significant. In addition, there has been no fundamental change in the Company's long-term outlook. We anticipate strong growth in Power-to-Gas applications and utility-scale power generation fuel cell projects in the coming year." |
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