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Hexagon Composites' (HXGCF) CEO Jon Engeset on Q3 2017 Results - Earnings Call Transcript

Nov. 01, 2017 8:00 PM ETHexagon Composites ASA (HXGCF)
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Hexagon Composites ASA (OTCPK:HXGCF) Q3 2017 Earnings Conference Call November 2, 2017 3:30 PM ET


David Bandele - CFO

Jon Engeset - CEO


Hans-Erik Jacobsen - Nordea

David Bandele

So welcome everybody to Hexagon Composites' Quarter Three 2017 Earnings Broadcast. And I hope everybody had a great Halloween last night, and you should have comfort in the knowledge that our numbers are not quite frightening as that would have been. Saying that's quite the opposite, and today I will take you through the highlights and onto the financials and segment overview, and then Jon Erik will take us through the exciting impacts to Hexagon in the outlook section, and also take us through the Q&A. I will join for that.

So quarter three 2017 quite simply our best third quarter results since 2014. That bodes very well. Low-Pressure grew 74% year-over-year, but also it's the first time we've been able to say that High-Pressure has had a profitable performance overall. So both very good elements. Hydrogen continued its strong growth over quarter three 2016. Last quarter we talked about significant development contracts we have for two new fuel cell electric vehicle models. We have commenced work on that. That will take us through 2019, into the start of 2020, and just to be clear, if those projects are successful that would lead to a significantly material and serial production contracts for Hexagon Composites.

Light-Duty Vehicle was very strong. Mobile Pipeline North America solid volume, especially to oil and gas. Also pleasing after the quarter we received a significant order $11 million and also significant that that was to a industrial sector in North America. However, rest of the world had a dry quarter we have to say, but Mobile Pipeline in general we have some exciting news also to do with the after-sales service market

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