Clean Diesel Technologies, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Earnings Guidance for the Year 2017
November 14, 2017 at 04:30 pm EST
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Clean Diesel Technologies, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported revenues of $6,857,000 compared with $10,132,000 a year ago. Loss from operations before income taxes was $479,000 compared with $12,695,000 a year ago. Loss from operations was $1,780,000 compared with $948,000 a year ago. Net loss was $360,000 or $0.02 per basic and diluted share compared with $12,582,000 or $2.14 per basic and diluted share a year ago. The prior year included a noncash charge of $10.8 million related to the extinguishment of debt during the first quarter.
For the nine months, the company reported revenues of $23,470,000 compared with $28,284,000 a year ago. Loss from operations was $4,481,000 compared with $7,318,000 a year ago. Loss from operations before income taxes was $3,793,000 compared with $16,808,000 a year ago. Net loss was $3,842,000 or $0.24 per basic and diluted share compared with $15,576,000 or $3.49 per basic and diluted share a year ago.
Based on company's current business configuration as well as its third quarter results, the company now expects full-year 2017 revenue to be approximately $28 million and gross margin to be approximately 22%.
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. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Earnings Guidance for the Year 2017