Maxwell Technologies Inc., the San Diego maker of energy-storage devices called ultracapacitors, reported a net loss of $1.45 million, or a nickel per share, on revenue of $45.1 million during the third quarter. Maxwell (Nasdaq: MXWL) said its revenue was higher than expected and that the company was successful in cutting operating expenses.
Net loss improved from the same quarter one year ago, when it was $3.29 million or 31 cents per share. Revenue was $41.6 million in the third quarter of 2014.
Maxwell said its restructuring efforts were on track and that it was realizing operational efficiencies.
The company does much of its business with China, where it supplies ultracapacitors for hybrid buses. During the quarter, it announced that it was a subcontractor to Continental Automotive Systems, which is providing a voltage stabilization system for certain new Cadillac automobiles.