FuelCell Energy Posts Narrower-Than-Expected Loss

Author:: Aileen Gallagher
Publish date:: Feb 27, 2001 4:58 PM EST

FuelCell Energy

posted a smaller-than-expected loss in its first quarter as revenue rose 47% from the year-ago period.

The company, which develops fuel cells for electric power generation, reported a $2.8 million, or 18-cents-a-share, loss in the quarter, compared with a breakeven result a year ago. Eight analysts polled by

First Call/Thomson Financial

expected FuelCell to lose 26 cents a share.

FuelCell, which is based in Danbury, Conn., reported revenue of $5.3 million, up from $3.6 million in the year-ago quarter, thanks to revenue from projects underway for customers including the

Los Angeles Department of Water and Power

and

Mercedes-Benz

The company blamed the loss on its "continuing investment in its fuel cell commercialization efforts."

FuelCell shares gained $3.50, or 7%, to $52.88 in Tuesday

Nasdaq

trading.