Capstone’s Loss Widens

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Editor’s Note: This story has been changed from the original to reflect that the company’s revenue increased in the fourth quarter, not dropped.

Capstone Turbine Corp.’s stock lost more than 8 percent Tuesday after the maker of low-emission microturbines reported a larger fiscal fourth quarter loss on lower than expected revenue.

The Chatsworth company late Monday reported a net loss of $12.9 million (-5 cents per share) for the quarter ended March 31, compared with a net loss of $12 million (-6 cents) a year earlier. Revenue rose nearly 38 percent to $16.3 million.

Analysts surveyed by Thomson Reuters on average had expected the company to report a per-share loss of 4 cents on revenue of more than $17.6 million.

The loss reflected increased warranty and inventory costs and higher costs from new product launches, the company said.

Capstone’s products are used as battery charging generators for hybrid electric vehicles and other products. In a conference call, Chief Executive Darren Jamison evoked the company’s long-term prospects, noting that its $86.3 million backlog of orders is up 40 percent from a year ago.

“When I look to the future, I see a cutting-edge industrial clean tech company that continues to dramatically grow revenue and market share,” Jamison said.

Shares closed down 10 cents, or more than 8 percent, to $1.05 on the Nasdaq.

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