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FuelCell Energy Reports Fourth Quarter Results And Business Highlights

Stocks in this article: FCEL

  • Secured largest order in Company history - 121.8 megawatt multi-year order
  • Executing Asian expansion including licensing agreement for local manufacturing
  • Delivering 14.9 megawatt fuel cell park to one of the largest utilities in the USA
  • Announced renewable biogas data center project with Microsoft Corporation
  • Expanding European activity with another showcase installation in London

DANBURY, Conn., Dec. 20, 2012 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in the design, manufacture, operation and service of ultra-clean, efficient and reliable fuel cell power plants, today reported results for its fourth quarter and fiscal year ended October 31, 2012 along with an update on its key business highlights.

Financial Results

Fourth quarter 2012

FuelCell Energy (the Company) reported total revenues for the fourth quarter of 2012 of $35.4 million, compared to total revenues of $34.7 million for the fourth quarter of 2011. Product sales and revenues in the fourth quarter were $33.9 million compared to $33.3 million in the prior year quarter. The Company continues to produce at an annual run-rate of 56 megawatts (MW), unchanged from the third quarter of 2012. Fourth quarter product revenue included $24.0 million of fuel cell kits and power plants, $5.1 million of power plant component sales and installation services, and $4.8 million derived from service and power purchase agreements.  

Product sales and service backlog totaled $306.6 million as of October 31, 2012 compared to $209.9 million as of October 31, 2011. Product sales backlog was $228.1 million and $131.8 million as of October 31, 2012 and 2011, respectively, increasing as a result of the 121.8 megawatt order received during the fourth quarter of 2012. Service agreement backlog was $78.5 million and $78.1 million as of October 31, 2012 and 2011, respectively. The 14.9 MW Bridgeport fuel cell park project was closed subsequent to fiscal year end 2012 and will increase product and service backlog in the first quarter of 2013 by approximately $125 million, including approximately $56 million for product backlog and $69 million for service backlog.         

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