DANBURY, Conn. (
) -- Despite a sales drop, some nifty cost-cutting helped
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
finished slightly higher after adding 2 cents at $33.02.
also ticked up by the close, adding 0.5% and 2.2%, each.
were flat, while
lost 1% by the closing bell.
-- Written by Sung Moss in New York
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