FuelCell Energy Narrows 3Q Loss, Beats Street

DANBURY, Conn. (AP) — FuelCell Energy Inc., which makes fuel cells for electric power generation, said Wednesday that it narrowed its fiscal third-quarter loss by 41 percent, better than analysts expected, as revenue fell nearly 18 percent.

The company lost $15.7 million, or 21 cents per share, for the third quarter of 2009 compared to a loss of $26.8 million, or 39 cents per share, in the same period of 2008.

Revenue fell to $23 million from $27.9 million in the year-ago period.

Analysts polled by Thomson Reuters expected a bigger loss of 24 cents per share on $28 million in revenue.

Orders during the quarter include 30.8 megawatts of modules from South Korea's Posco Power and an Aircon Energy order of a 1.4 MW power plant for California's Sonoma County.

R. Daniel Brdar, the company's chairman and chief executive, said FuelCell Energy is producing fuel cells that generate more power and reduce the company's cost for each unit, which is an important milestone on its path to profitability.

The company said it improved its product cost-to-revenue ratio to 1.40 during the quarter from 1.68 in the same period a year ago.

FuelCell Energy shares lost 4 cents to $3.61in afternoon trading. The stock has traded between $1.98 and $7.33 during the past year.