Shares of Capstone Turbine Corp. jumped more than 10 percent on Tuesday after the Chatsworth generator company reported improved earnings.
Capstone said Monday that third quarter revenue increased 21 percent to about $33 million compared with the same period the previous year. It also received large orders from oil and gas companies and increased market share.
The company reported a net loss of $4.5 million, or 1 cent per share, for the quarter ended Dec. 31, compared with a net loss of $8.8 million, or 3 cents per share, for the same quarter in 2011.
“We are continuing to make outstanding progress on our path to profitability," Darren Jamison, Capstone's chief executive, said in a statement. He added that business in Europe has improved and the company also received orders from companies in Chile for the first time.
Capstone’s shares, which trade on the Nasdaq stock exchange, closed Tuesday at 97 cents, up more than 10 percent. The company reported earnings after the close of the market on Monday.