Clean Diesel Technologies Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Revises Earnings Guidance for the Full Year of 2016; Provides Earnings Guidance for the First Half of 2017
November 14, 2016 at 08:00 am EST
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Clean Diesel Technologies Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported revenues of $10.132 million against $9.759 million a year ago. Loss from continuing operations was $0.948 million against $2.875 million a year ago. Loss from continuing operations before income tax was $14.518 million against $2.169 million a year ago. Net loss from continuing operations was $14.405 million against $2.141 million a year ago. Net loss was $14.405 million against $2.208 million a year ago. Basic and diluted loss per share was $2.45 against $0.64 a year ago.
For the nine months, the company reported revenues of $28.284 million against $30.038 million a year ago. Loss from continuing operations was $7.318 million against $7.697 million a year ago. Loss from continuing operations before income tax was $17.066 million against $7.674 million a year ago. Net loss from continuing operations was $15.834 million against $7.586 million a year ago. Net loss was $16.294 million against $9.679 million a year ago. Basic and diluted loss per share was $3.55 against $2.48 a year ago.
The company now expects full year 2016 revenue to be at the lower end of guided range and to be between $37 million and $39 million. The company expects DuraFit full year revenue contribution will approach $6 million. The company also expects gross margin to be between 25% and 27%.
Based on these assumptions and cost reductions undertaken in 2015 and 2016, the company now expects to be breakeven on an income from continuing operations basis by the first 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 Third Quarter and Nine Months Ended September 30, 2016; Revises Earnings Guidance for the Full Year of 2016; Provides Earnings Guidance for the First Half of 2017