A123 Systems Earnings Cheat Sheet: Loss Made Worse

A123 Systems, Inc.’s (NASDAQ:AONE) loss widened in the second quarter, as the company’s results were dragged down by higher costs. A123 Systems, Inc. designs, develops, manufactures and sells advanced rechargeable lithium-ion batteries and battery systems for hybrid electric vehicles, or HEVs, plug-in hybrid electric vehicles, or PHEVs and electric vehicles, or EVs.

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A123 Systems Earnings Cheat Sheet for the Second Quarter

Results: Loss widened to $55.4 million (44 cents per diluted share) from $34.2 million (loss of 33 cents per share) in the same quarter a year earlier.

Revenue: Rose 60.8% to $36.4 million from the year earlier quarter.

Actual vs. Wall St. Expectations: AONE fell short of the mean analyst estimate of a loss of 41 cents per share. It beat the average revenue estimate of $35.6 million.

Quoting Management: “The highlight to the second quarter was a doubling in the number of our transportation programs in production. This marked an important milestone for A123 as we shifted our focus from building capacity to ramping production,” said David Vieau, CEO of A123 Systems. “We doubled our revenue from the first quarter, due largely to the fact that we started shipping prismatic modules and packs in volume to Fisker and Smith Electric Vehicles. Overall shipments almost tripled from the first quarter, and this scale contributed to an improvement in gross margin.”

Key Stats:

The company has now missed analyst estimates for the last four quarters. It fell short by 6 cents in the first quarter, by 7 cents in the fourth quarter of the last fiscal year, and by 12 cents in the third quarter of the last fiscal year.

Competitors to Watch: Valence Technology, Inc. (NASDAQ:VLNC), Ener1, Inc. (NASDAQ:HEV), EnerSys (NYSE:ENS), Advanced Battery Tech., Inc. (NASDAQ:ABAT), C&D Technologies, Inc. (CHHPD), Ultralife Corp. (NASDAQ:ULBI), Arotech Corporation (NASDAQ:ARTX), China Ritar Power Corp. (NASDAQ:CRTP), Johnson Controls, Inc. (NYSE:JCI), and Exide Technologies (NASDAQ:XIDE).

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(Source: Xignite Financials)