Boston, MA 03/05/2014 (wallstreetpr) – Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) reported its fourth quarter and full year results which were strong compared to the current market standards. Revenues for the quarter was up by 5% when compared to the same quarter a year ago clocking in at highs of $17.3 million. The company’s gross margin was also up by 24 points coming in at highs of 34% with adjusted EBITDA improving from $3.2 million to $0.2 million
Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) strong Q4 results outlined the great year the company had in its major operating segments, full year revenue grew by highs of 40% to cap a perfect year. Ballard gross margin for the full year was also up by 10 points to highs of 27% as well as a 63% improvement in adjusted EBITDA. This clearly outlines how the company is executing strong strategies sure to change its fortunes in the coming months Ballard is currently executing a three level business model on its product sales, engineering services as well as IP licensing
Ballard 2014 Business outlook
Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) expects the positive growth pattern shown in the previous quarter to continue trickling in the current year. This will be made possible by the company’s effort to pursue further growth in in fuel cell product sales as well as engineering services and IP licensing.
Ballard CEO to step down
Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) president and CEO John Sheridan has informed the company’s board of directors of his desire to step down at the end of the current fiscal year after being at the helm for 8 years. The CEO has already been credited for strengthening, positioning and overseeing the growth of Ballard in the recent past. Ballard board of directors has accepted his request and set a committee that will be mandated to identify a new candidate capable of replacing Mr. Sheridan.
Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) had a stellar performance on Tuesday trading session going up by 26.71% to close at highs of $5.36
