EuroSite Power Inc. Reports Earnings and Production Results for the Second Quarter and Production Results for the First Half Ended June 30, 2017; Provides Earnings Guidance for the Third Quarter, Fourth Quarter and Full Year 2017
For the quarter, the company reported total energy production increased by 35% to 12,714 MWh as compared to the same period in 2016.
For the first half, the company reported total energy production of 26,052 MWh, a 34% improvement on the same period last year and equating to 68% of the entire energy production achieved during the whole of 2016.
The company continues to meet the goals for 2017. The measures taken last year to help improve margin together with bringing into operation the two larger systems at Doncaster Dome and Celtic Manor are now bearing fruit. Management now more confident of UK operating company achieving a positive cash flow for the year. Management continues to have confidence in increased energy production, revenue growth and gross profit as a result of increased fleet size and improved availability.
Weaker third quarter of 2017 EBITDA cash flows expected due to impact of lower thermal demand during the summer. Outlook for fourth quarter of 2017 now looks stronger due to performance to date and planned operational dates for newly won contracts.