Hydrogenics Backs 2014 Forecast; Provides Market - Quick Facts

(RTTNews) - Hydrogenics Corp. (HYGS, HYG.TO) reported that the customer-driven timing of deliveries have impacted revenue for the first quarter of 2014. Looking ahead, the company expects revenues of between $7.0 million and $7.5 million for the quarter ended March 31, 2014. On the other hand, the Mississauga, Canada-based manufacturer of hydrogen generation and hydrogen-based power modules confirmed its 2014 outlook that it would exceed $50 million in revenue and would surpass break-even adjusted EBITDA for the year.

The company completed 2013 with $57 million in backlog; and nearly $40 million of the current contracted backlog would be realized as revenue in calendar 2014; while other sales pipeline opportunities closing into backlog in the first and second quarters would have revenue potential for the second half of 2014.

Based on the expected customer delivery requirements, the most recent analysis of contracted backlog and sales pipeline shows that the revenue growth to meet the targeted forecast would be predominantly in the second half of 2014.