FuelCell Energy Narrows Loss

FuelCell Energy says loss narrowed, despite falling revenues during the third quarter.

Author:: David Moss
Publish date:: Sep 9, 2009 8:57 AM EDT

DANBURY, Conn. (

TheStreet

) -- Despite a sales drop, some nifty cost-cutting helped

FuelCell Energy

(FCEL) - Get Report

narrow its loss in the third quarter.

In a press release issued after the market close on Tuesday, the power concern -- which uses fuel sources like biogas from food processing and wastewater gas -- said it lost $14.9 million in the third quarter. That comes to 21 cents per share, which bettered a Thomson-Reuters estimated loss of 24 cents. The bottom-line results also bettered the year-earlier loss of $26 million loss, or 39 cents per share.

Still, the company's statement said revenue fell to $23 million from $27.9 million in the year-ago quarter due to the now-familiar ring of credit market problems leading to delayed activity in the U.S., coupled with delays in capital spending. Forecasts showed the company posting revenue at $28 million during the quarter.

Costs of product sales and revenues, however, fell as well to $26.3 million from $39 million, with total costs and expenses dropping 31%.

FuelCell Energy shares gained 17 cents to close at $3.65 yesterday. In after-hours trading, shares added another 3 cents.

Elsewhere around the energy sector, shares of

Dominion Resources

(D) - Get Report

finished slightly higher after adding 2 cents at $33.02.

Exelon

(EXC) - Get Report

, and

Dynegy

(DYN)

also ticked up by the close, adding 0.5% and 2.2%, each.