NEW YORK (AP) -- Shares of Ener1 Inc. rose sharply Friday after the battery maker said its fourth-quarter net loss shrank last year.
The New York company said late Thursday that it lost $10.9 million, or 8 cents per share, during the quarter ended Dec. 31. That compares with a loss of nearly $15 million, or 12 cents per share, in the year-earlier quarter. Revenue more than tripled last quarter to $33.1 million.
Analysts polled by FactSet expected a loss of 9 cents per share on revenue of $23.8 million.
For the full year, the company's loss widened to $68.8 million, or 51 cents per share, compared with a $51 million loss, or 45 cents per share, in 2009.
The company said the highlight of its year was the launch of a grid energy storage division that won a supply agreement with a division of the Russian Federal Grid Co.
Shares of Ener1 rose 28 cents, or 8.9 percent, to $3.42 in Friday morning trading.
The New York company said late Thursday that it lost $10.9 million, or 8 cents per share, during the quarter ended Dec. 31. That compares with a loss of nearly $15 million, or 12 cents per share, in the year-earlier quarter. Revenue more than tripled last quarter to $33.1 million.
Analysts polled by FactSet expected a loss of 9 cents per share on revenue of $23.8 million.
For the full year, the company's loss widened to $68.8 million, or 51 cents per share, compared with a $51 million loss, or 45 cents per share, in 2009.
The company said the highlight of its year was the launch of a grid energy storage division that won a supply agreement with a division of the Russian Federal Grid Co.
Shares of Ener1 rose 28 cents, or 8.9 percent, to $3.42 in Friday morning trading.