NEW YORK (TheStreet) -- Hydrogen fuel-cell companies lost some of their glow Wednesday.
Shares of FuelCell Energy (FCEL - Get Report) Ballard Power Systems (BLDP) and Plug Power (PLUG - Get Report) fell after FuelCell reported results that made some investors doubt whether the industry will really be profitable this year.
FuelCell reported an adjusted net earnings-per-share loss of 4 cents on $38.3 million in revenue. EPS came in line with consensus estimates, according to stats on the Analyst Ratings Network. But sales missed the consensus call for $44.73 million in revenues. Total revenues declined $4 million from the same period a year ago. Some bearish investors on StockTwits.com pointed to FuelCell's declining sales as evidence that the hydrogen fuel-cell growth story is a myth. They said that the industry received a bit of a bump from U.S. government energy programs, which encouraged companies to get a certain amount of their power from alternative sources. But now that lift is over.
$FCEL - How This Growth Story Just Isn't... At All... http://stks.co/i0gLC ? Ophir Gottlieb (@OphirGottlieb) Jun. 4 at 11:43 AMFuelCell fell 7.2% by 2:30 p.m., to $2.20 a share. Ballard Power dropped more than 6%, to $3.70 a share. Plug traded near flat after falling earlier in the day; the stock was at $4.36, down 1.3% Sentiment on the sector, however, remained largely bullish. About 83% of StockTwits' users called for FuelCell to gain, according to site analytics.
$FCEL -7% as for $PLUG the day after earning report release. No worries. Projects are great. Future seems bright for fuell cell applications ? Fd (@frade) Jun. 4 at 12:50 PMSome investors even saw bullish signs in FuelCell's earnings. They pointed to an order backlog as evidence that growth could improve in the future.
$FCEL earnings were shot but the company did see a rise in order backlog ? Bidness Etc (@BidnessEtc) Jun. 4 at 11:08 AMFuelCell predicted that the company will be break-even, as measured by EBITDA, by the end of the year. The company is targeting quarterly revenues for the second half of 2014 in the $50 to $60 million range, according to the earnings release. >>Read More: Tesla Motors Shareholders Meeting: Key Takeaways Marvel Film Woes Cast Shadow Over Disney's Recent Stock Pop Ciena Continues to Feel Pressure From Weak Carrier Spending Why Lockheed Martin, Not Elon Musk, Is Poised to Win in Space At the time of publication, the author held no positions in any of the stocks mentioned. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.