Clean Diesel Technologies Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Full Year 2017 and Second Half of 2017; Reports Goodwill Impairment for the Fourth Quarter of 2016
March 31, 2017 at 05:05 pm EDT
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Clean Diesel Technologies Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total revenues of $8.6 million against $9.701 million a year ago. Loss from continuing operations was $8.341 million against $2.622 million a year ago. Loss from continuing operations before income tax was $7.4 million against $1.15 million a year ago. Net loss from continuing operations was $7.640 million against $0.84 million a year ago. Net loss was $7.640 million against $0.9 million a year ago. Basic and diluted loss per share was $0.69 against $0.26 a year ago.
For the year, the company reported total revenues of $36.84 million against $39.74 million a year ago. Loss from continuing operations was $15.7 million against $10.32 million a year ago. Loss from continuing operations before income tax was $24.432 million against $8.821 million a year ago. Net loss from continuing operations was $23.5 million against $8.422 million a year ago. Net loss was $23.5 million against $8.534 million a year ago. Basic and diluted loss per share was $3.84 against $2.71 a year ago.
For the fourth quarter of 2016, the company reported goodwill impairment of $4.7 million.
For the full year 2017, the company expects revenue to be between $32.0 million and $35.0 million. The company expects gross margin to be between 23% and 25%.
The company targeting breakeven on an income from continuing operations basis in the second half of 2017.
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 Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Full Year 2017 and Second Half of 2017; Reports Goodwill Impairment for the Fourth Quarter of 2016