FuelCell Energy Posts Narrower-Than-Expected Loss
FuelCell Energy
(FCEL)
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
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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.
