Clean Diesel Technologies Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported revenues of $8.4 million against $9.9 million a year ago. Loss from operations was $3.1 million against $2.1 million a year ago. Income before income tax was $0.7 million against loss before income tax benefit of $2.6 million a year ago. Net income was $1.3 million or $0.13 diluted per common share against net loss of $2.4 million or $0.81 basic and diluted per share a year ago.

For the six months, the company reported revenues of $18.2 million against $20.3 million a year ago. Loss from operations was $6.4 million against $4.8 million a year ago. Loss before income tax benefit was $2.5 million against $5.5 million a year ago. Net loss was $1.4 million or $0.38 basic and diluted per common share against $5.4 million or $1.88 basic and diluted per share a year ago.

The company revised earnings guidance for the full year of 2016. The company now expects full year 2016 revenue to be at the lower end of its guided range of between $39 million and $43 million. They believe DuraFit™ will continue to partially offset the decline in legacy retrofit revenue; however, they now expect its full year revenue contribution will approximate $7 million due in part to supply chain issues related to the closure of its Markham facility in December 2015. They expect this to be positively offset by a greater than anticipated revenue ramp from Panasonic related to shipments of its synergized-platinum group metal (SPGM™) diesel oxidation catalysts (DOCs). In addition, based on the transition costs related to the closure of its Markham facility, they expect gross margin to be between 25% and 27%. Based on these assumptions and cost reductions undertaken in 2015 and 2016, they now expects to be breakeven on an income from continuing operations basis by the first quarter of 2017.