PyroGenesis Canada Inc. (TSX:PYR), which designs, develops, and commercializes advanced plasma processes, provided strong revenue guidance for the third quarter.
For the period ended September 30, 2021, the Montreal-based high-tech company expects revenue to be at least $8 million, compared to $8.1 million in revenue for the third quarter of 2020.
PyroGenesis expects total revenue of at least $22 million for the nine months ended September 30, 2021, compared to $11 million for the corresponding nine-month period a year earlier.
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The company said that it also expects to report a positive net income for the 3Q of 2021, as well as positive earnings per share for the same period.
“It is difficult for a company like ours to provide an early indication/guidance given the methodology relating to the accounting for our revenue; namely percentage of completion accounting. As one might expect, delays associated with supply chain issues complicates further this process. Nevertheless, we are happy to be providing today, a first glimpse of our third-quarter financial results,” PyroGenesis CEO P Peter Pascali said in a statement.
“We are proud to give guidance that essentially reflects record nine-month revenue and positive net income for the quarter. We also expect to post a backlog of signed contracts that will be very close to, if not at, a historical high level. Hope this helps.”
PyroGenesis provides high-tech plasma products for a growing number of major industries. The Canadian company designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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