Reuters reporting of A123's earnings (loss) yesterday was nonsensical so we didn't link to the original story, update 1 or update 2. Here's update 3. The stock is down over 5% this morning.
UPDATE 3-A123 posts loss, revenue beats Wall St
* Q3 loss/share $1.78 vs $2.06/share loss a year ago
* Q3 revenue $23.6 mln vs $19.2 mln Wall Street estimate
* Shares slip 1.6 percent to $17.70 in after-hours trading (Adds details on Chrysler relationship, workforce, share movement, changes analyst comment)
LOS ANGELES, Nov 10 (Reuters) - Battery maker A123 Systems Inc (AONE.O) posted revenue that beat Wall Street estimates along with a big loss on Tuesday, in its first quarterly results since its closely watched share debut in September.
A123, which develops batteries for electric cars and plug-in hybrids and works with Chrysler and General Motors [GM.UL], reported third-quarter revenue of $23.6 million, up from $22.9 a year ago and topping analysts' average view of $19.2 million, according to Thomson Reuters I/B/E/S.
Chief Executive David Vieau tried to allay analysts' concerns about A123's relationship with Chrysler after the carmaker said last week it would dismantle its team working on electric vehicles and fold its plans into Fiat SpA (FIA.MI).
"I'd say we've maintained what we had as a relationship and we've strengthened it in terms of expanding the different people that we deal with," Vieau said on a call with analysts.
The company also said it was in various stages of talks with seven different passenger car customers and was working on a new design for a new heavy duty vehicle for customer BAE Systems Plc (BAES.L).
Pacific Crest Securities analyst Ben Schuman said a firm supply agreement with Chrysler was probably "number one" on investor's watch-list....MORE