Nel ASA has reported “strong” fourth quarter results for 2018.
The Norwegian company saw its revenues rise by 8% in the quarter to NOK 124.9m ($14.6m), up from NOK 115.6m ($13.5m) in the fourth quarter of 2017.
The Fueling and Solutions segment experienced a positive development during the quarter, while the Electrolyser segment was negatively impacted by certain project delays.
The adjusted EBITDA ended at NOK -18.3m ($-2.1m), adjusted for non-recurring and other ramp-up costs of NOK 23.6m ($2.8m). The reported EBIT was NOK -60.7m ($-7.1m). The order backlog amounted to NOK 350m ($41m).
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