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FuelCell Energy Reports Second Quarter Results And Business Highlights

Stocks in this article: FCEL

  • Record quarterly revenue of $42 million
  • Annual production run-rate increased by 25 percent to 70 megawatts annually
  • Sale of 1.4 megawatt power plant for hospital application
  • Construction of multi-megawatt fuel cell parks on track in Connecticut and South Korea

DANBURY, Conn., June 5, 2013 (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 second quarter ended April 30, 2013 along with an update on key business highlights.

Financial Results

FuelCell Energy (the Company) reported total revenues for the second quarter of 2013 of $42.4 million, an increase of 75 percent when compared to total revenues of $24.2 million for the second quarter of 2012. 

Product sales for the second quarter of 2013 totaled $34.4 million including $29.3 million of fuel cell kits and power plants, and $5.1 million of power plant component sales and installation services. For the comparable prior year period, product sales totaled $18.7 million including $14.3 million of fuel cell kits and power plants and $4.4 million of power plant component sales and installation services. The increase year-over-year reflects higher fuel cell kit sales combined with revenue from the Bridgeport fuel cell park project of approximately $8.9 million.  The Company increased its production rate during the second quarter of 2013 at the Torrington, Connecticut manufacturing facility, reaching an annual run-rate of 70 megawatts (MW) effective May 1, 2013.

Service and license revenues for the second quarter of 2013 totaled $4.1 million compared to $3.5 million for the comparable prior year period.    

Advanced technologies contract revenue was $4.0 million for the second quarter of 2013 compared to $2.0 million for the second quarter of 2012 with the increase primarily due to solid oxide fuel cell development programs, particularly the unmanned aerial program with Boeing resulting from the acquisition of Versa Power Systems in the first quarter of 2013.  

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