NEW YORK (TheStreet) -- Hydrogen fuel-cell companies lost some of their glow Wednesday.
Shares of FuelCell Energy (FCEL) Ballard Power Systems (BLDP) and Plug Power (PLUG) fell after FuelCell reported results that made some investors doubt whether the industry will really be profitable this year.
$FCEL the ER should have come with prozak to counteract the feelings of depression? tadakauko (@tadaka) Jun. 4 at 02:02 PM
FuelCell reported an adjusted net earnings-per-share loss of 4 cents on $38.3 million in revenue. EPS came in line with consensus estimates, according to stats on the Analyst Ratings Network. But sales missed the consensus call for $44.73 million in revenues. Total revenues declined $4 million from the same period a year ago.
Some bearish investors on StockTwits.com pointed to FuelCell's declining sales as evidence that the hydrogen fuel-cell growth story is a myth. They said that the industry received a bit of a bump from U.S. government energy programs, which encouraged companies to get a certain amount of their power from alternative sources. But now that lift is over.
FuelCell fell 7.2% by 2:30 p.m., to $2.20 a share. Ballard Power dropped more than 6%, to $3.70 a share. Plug traded near flat after falling earlier in the day; the stock was at $4.36, down 1.3%
Sentiment on the sector, however, remained largely bullish. About 83% of StockTwits' users called for FuelCell to gain, according to site analytics.