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FuelCell Energy Drops After Loss, Revenue Miss Estimates

FuelCell reported a wider-than-expected loss, and revenue also missed the consensus estimate.
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Shares of FuelCell Energy  (FCEL) - Get FuelCell Energy Inc. Report dropped after the provider of fuel-cell technology reported fiscal-second-quarter results that missed analyst estimates. 

For the quarter ended April 30 the Danbury, Conn., company reported a loss of 6 cents a share, narrowed from the loss of 7 cents a share in the year-earlier quarter.

Revenue of $14 million fell 26% from $18.9 million a year earlier.

Analysts surveyed by FactSet were expecting a net loss of 5 cents a share on revenue of $18.9 million.

"We are firmly committed to achieving revenue growth by bringing projects online this year and positioning our portfolio to meet the significant market opportunities that our proprietary technology solutions are well positioned to solve,” Chief Executive Jason Few said in a statement. 

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The company said that during the quarter it added 2.8 megawatts to its energy generation backlog and increased its investment in R&D toward commercializing its solid oxide power generation and storage systems. 

FuelCell's overall backlog decreased 1.5% to $1.32 billion in the quarter, which the company says resulted primarily from a drop in fuel pricing. This lowered its estimated future revenue. 

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"[Our] proprietary technologies will play a major role in the decarbonization of the grid and generate revenue growth ... by addressing the promising market opportunities in the global energy transition that is currently underway," the company said. 

Shares of FuelCell Energy at last check dropped 12% to $9.93. The stock is up about 0.9% year to date and sits below the stock's 52-week high of $29.44, touched in early February.