Clean Diesel Technologies Inc. Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2016; Reaffirms Earnings Guidance for the Year 2016
May 13, 2016 at 06:30 pm IST
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Clean Diesel Technologies Inc. reported unaudited earnings results for the first quarter ended March 31, 2016. For the quarter, the company's revenues were $9.7 million compared to $10.3 million a year ago. Loss from operations was $3.2 million compared to $2.7 million a year ago. Loss before income tax was $3.2 million compared to $2.8 million a year ago. Net loss was $2.8 million compared to $3.0 million a year ago. Basic and diluted LPS were $0.15 compared to $0.21 a year ago.
The company reaffirmed full year 2016 guidance for revenue to be between of $39 million and $43 million. The company continues to expect gross margin to be between 27% and 29%. Based on these assumptions and cost reductions undertaken in 2015 and 2016, the company plans to be breakeven on an income from continuing operations basis by the fourth quarter of 2016.
CDTi Advanced Materials, Inc. develops technology and materials for catalyst markets, including emissions, industrial and electrocatalyst applications. The Company is engaged in the catalyst design, engineering, and coating for on and off-road as well as energy storage applications. It develops technology and materials incorporating various base metals that can enhance catalytic performance and reduce the use of platinum group metals (PGMs) in catalyst coatings. It offers complete solutions for heavy and light duty engines, fuel treatment and materials technologies. Its products include exhaust control systems, fuel borne catalyst and catalyst products. Exhaust control systems includes Purifilter, Purifilter Plus M, AZ DOC, DZ DOC, and others. Its fuel borne catalyst include PatFluid, Platinum Plus, and others. The Company delivers its technology to customers through catalyst coatings as well as catalytic material supply and licensing arrangements.
Clean Diesel Technologies Inc. Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2016; Reaffirms Earnings Guidance for the Year 2016