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
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