Orlando, FL 5/10/12 (StreetBeat) – Emission control systems maker Clean Diesel Technologies Inc (Nasdaq: CDTI) 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.
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