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FuelCell Earnings Steal Glow From Hydrogen Industry: StockTwits

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.

$FCEL the ER should have come with prozak to counteract the feelings of depression ? tadakauko (@tadaka) Jun. 4 at 02:02 PM

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 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... ? Ophir Gottlieb (@OphirGottlieb) Jun. 4 at 11:43 AM

FuelCell 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 PM

Some 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 AM

FuelCell 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.

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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.

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