Reuters: Global Markets: Clean Diesel Tech loss wider than expected, shares fall

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Clean Diesel Tech loss wider than expected, shares fall May 10th 2012, 14:21 Thu May 10, 2012 10:21am EDT (Reuters) - Emission control systems maker Clean Diesel Technologies Inc (CDTI.O) posted a bigger-than-expected quarterly loss, hurt by a sharp fall in gross margins, sending its shares down as much as 23 percent. The company's first-quarter widened to $2.8 million, or 39 cents per share, from $2.2 million, or 54 cents per share, in the year ago period. The quarter included a $600,000 pretax charge related to inventory write-down at the company's heavy duty diesel systems segment, which makes purifiers, filters and other accessories used in heavy duty vehicles. Total revenue rose 23.3 percent to $17 million. Analysts on average had expected a loss of 29 cents per share on revenue of $16 million, according to Thomson Reuters I/B/E/S. Gross margins slipped to 23.2 percent from 29.1 percent. Shares of the Ventura, California-based company were trading down 23 percent at $2.75 in early trading on Monday, making it one of the top percentage losers on the Nasdaq. (Reporting by Divya Lad in Bangalore; Editing by Viraj Nair) Link this Share this Digg this Email Reprints

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