01:29 PM EDT, 05/07/2024 (MT Newswires) -- Ballard Power Systems ( BLDP ) reported mixed first quarter results including a ~12% topline miss driven largely by the company's emerging/other markets segment. Heavy-duty mobility & stationary revenues were in-line with Street estimates. Gross margins were also lower than expected (driven by lower volumes) & a modest beat on adj. EBITDA vs. Street estimates, notes Truist Securities.

The company's backlog & 12-month order book saw solid rebounds growing 38% and 20% respectively QoQ driven predominately by Bus & Stationary verticals, while opex/capex guidance for the year was reiterated. "Ultimately we'd view the results as fairly neutral for shares given the lower than Street Q1 topline/GMs offset by the bounce back in backlog QoQ."

Truist has a Hold rating and a target of US$3.50 on Ballard.

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